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

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $24.20.

Several equities research analysts have recently commented on the stock. Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price target for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective for the company. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th.

Institutional Trading of Genco Shipping & Trading

Several large investors have recently made changes to their positions in GNK. Vanguard Group Inc. boosted its holdings in shares of Genco Shipping & Trading by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock valued at $23,326,000 after acquiring an additional 47,060 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Genco Shipping & Trading by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the shipping company’s stock valued at $246,000 after acquiring an additional 1,782 shares during the last quarter. Tidal Investments LLC boosted its holdings in Genco Shipping & Trading by 18.4% during the first quarter. Tidal Investments LLC now owns 19,743 shares of the shipping company’s stock worth $401,000 after buying an additional 3,068 shares in the last quarter. CWM LLC boosted its holdings in Genco Shipping & Trading by 109.5% during the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after buying an additional 998 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its holdings in Genco Shipping & Trading by 10.0% during the second quarter. Linden Thomas Advisory Services LLC now owns 23,046 shares of the shipping company’s stock worth $491,000 after buying an additional 2,101 shares in the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Trading Up 1.1 %

NYSE:GNK opened at $17.04 on Tuesday. Genco Shipping & Trading has a one year low of $14.02 and a one year high of $23.43. 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 firm has a market cap of $728.63 million, a P/E ratio of 10.85, a P/E/G ratio of 0.27 and a beta of 0.98. The firm has a 50-day simple moving average of $17.41 and a 200-day simple moving average of $19.08.

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

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were issued a $0.40 dividend. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a dividend yield of 9.39%. The ex-dividend date was Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio is 101.91%.

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.