Genco Shipping & Trading Limited (NYSE:GNK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have received an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $24.20.

A number of brokerages have recently issued reports on GNK. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd.

Genco Shipping & Trading Stock Up 0.7 %

NYSE:GNK opened at $13.74 on Friday. 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 firm has a market cap of $587.49 million, a PE ratio of 8.75, a price-to-earnings-growth ratio of 0.24 and a beta of 0.96. The company has a 50-day moving average of $16.14 and a 200 day moving average of $18.12. Genco Shipping & Trading has a 1-year low of $13.51 and a 1-year high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.41. The firm had revenue of $99.33 million for the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company’s quarterly revenue was up 19.2% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. As a group, research analysts anticipate that Genco Shipping & Trading will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were paid a $0.40 dividend. The ex-dividend date was Monday, November 18th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 11.64%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 101.91%.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of large investors have recently made changes to their positions in GNK. Dimensional Fund Advisors LP grew its stake in Genco Shipping & Trading by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after purchasing an additional 33,150 shares during the last quarter. State Street Corp boosted its position in Genco Shipping & Trading by 1.0% in the third quarter. State Street Corp now owns 1,190,467 shares of the shipping company’s stock valued at $23,214,000 after buying an additional 12,001 shares during the last quarter. American Century Companies Inc. increased its holdings 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 worth $23,372,000 after buying an additional 154,339 shares during the period. Renaissance Technologies LLC raised its position in Genco Shipping & Trading by 66.6% during the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock worth $22,376,000 after buying an additional 419,730 shares during the last quarter. Finally, Townsend & Associates Inc lifted its stake in Genco Shipping & Trading by 2.7% during the 3rd quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company’s stock valued at $20,453,000 after acquiring an additional 27,783 shares during the period. 58.62% of the stock is owned by hedge funds and other institutional investors.

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.