Genco Shipping & Trading (NYSE:GNK) Sets New 1-Year Low – Here’s Why

Shares of Genco Shipping & Trading Limited (NYSE:GNK) hit a new 52-week low during trading on Thursday . The company traded as low as $13.89 and last traded at $13.89, with a volume of 27971 shares trading hands. The stock had previously closed at $13.92.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price for the company. Jefferies Financial Group reissued a “buy” rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their target price for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Finally, StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The stock has a market capitalization of $593.91 million, a P/E ratio of 8.85, a PEG ratio of 0.24 and a beta of 0.96. The business has a fifty day simple moving average of $16.31 and a 200-day simple moving average of $18.21.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The firm had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. During the same period last year, the firm earned ($0.09) earnings per share. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. Sell-side analysts expect 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 announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.60 annualized dividend and a dividend yield of 11.52%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 101.91%.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors have recently added to or reduced their stakes in GNK. Renaissance Technologies LLC increased its holdings in Genco Shipping & Trading by 66.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock worth $22,376,000 after acquiring an additional 419,730 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after purchasing an additional 219,907 shares in the last quarter. Algert Global LLC raised its position 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 valued at $5,098,000 after purchasing an additional 209,093 shares during the period. American Century Companies Inc. grew its stake in Genco Shipping & Trading by 16.4% in the 2nd quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock valued at $23,372,000 after buying an additional 154,339 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Genco Shipping & Trading during the second quarter worth $3,106,000. Institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

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.