Genco Shipping & Trading (NYSE:GNK) Shares Gap Down – Here’s What Happened

Genco Shipping & Trading Limited (NYSE:GNK)’s share price gapped down before the market opened on Monday . The stock had previously closed at $17.66, but opened at $17.24. Genco Shipping & Trading shares last traded at $17.37, with a volume of 49,943 shares changing hands.

Analyst Ratings Changes

Several research firms have weighed in on GNK. Jefferies Financial Group restated a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target on the stock. Finally, Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Price Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The company’s 50-day simple moving average is $17.39 and its 200-day simple moving average is $19.27. The stock has a market capitalization of $750.40 million, a price-to-earnings ratio of 11.11, a P/E/G ratio of 0.28 and a beta of 0.98.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. During the same quarter in the previous year, the company posted ($0.09) EPS. Genco Shipping & Trading’s quarterly revenue was up 19.2% compared to the same quarter last year. Research analysts forecast that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 18th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, November 18th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a dividend yield of 9.12%. Genco Shipping & Trading’s dividend payout ratio is 101.91%.

Institutional Trading of Genco Shipping & Trading

Several hedge funds have recently modified their holdings of GNK. Vanguard Group Inc. grew its holdings in Genco Shipping & Trading by 4.3% during the first quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock worth $23,326,000 after buying an additional 47,060 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Genco Shipping & Trading by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock worth $61,145,000 after acquiring an additional 33,150 shares during the period. Algert Global LLC lifted its holdings in shares of Genco Shipping & Trading by 694.2% in the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock worth $5,098,000 after buying an additional 209,093 shares in the last quarter. Marshall Wace LLP bought a new position in Genco Shipping & Trading in the 2nd quarter valued at $3,106,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at about $1,492,000. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.