Jefferies Financial Group Cuts Genco Shipping & Trading (NYSE:GNK) Price Target to $19.00

Genco Shipping & Trading (NYSE:GNK) had its target price decreased by Jefferies Financial Group from $20.00 to $19.00 in a research note released on Thursday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the shipping company’s stock.

Several other equities research analysts have also recently issued reports on GNK. Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $23.00.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $14.15 on Thursday. The company’s 50-day moving average price is $14.30 and its 200-day moving average price is $16.11. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The company has a market cap of $605.18 million, a P/E ratio of 8.09, a P/E/G ratio of 5.64 and a beta of 0.97. Genco Shipping & Trading has a twelve month low of $13.51 and a twelve month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The firm had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million. On average, sell-side analysts forecast that Genco Shipping & Trading will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.48%. The ex-dividend date is Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is presently 91.43%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Genco Shipping & Trading by 36.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,852 shares of the shipping company’s stock valued at $1,782,000 after purchasing an additional 33,949 shares in the last quarter. Vident Advisory LLC grew its holdings in shares of Genco Shipping & Trading by 20.7% in the fourth quarter. Vident Advisory LLC now owns 31,904 shares of the shipping company’s stock valued at $445,000 after purchasing an additional 5,476 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of Genco Shipping & Trading by 55.8% in the fourth quarter. Squarepoint Ops LLC now owns 198,673 shares of the shipping company’s stock valued at $2,770,000 after purchasing an additional 71,122 shares in the last quarter. Teza Capital Management LLC grew its holdings in shares of Genco Shipping & Trading by 792.0% in the fourth quarter. Teza Capital Management LLC now owns 110,520 shares of the shipping company’s stock valued at $1,541,000 after purchasing an additional 98,130 shares in the last quarter. Finally, Sherbrooke Park Advisers LLC grew its holdings in shares of Genco Shipping & Trading by 170.3% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 41,219 shares of the shipping company’s stock valued at $575,000 after purchasing an additional 25,968 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.