Brokerages Set Genco Shipping & Trading Limited (NYSE:GNK) PT at $25.80

Genco Shipping & Trading Limited (NYSE:GNK) has been assigned an average rating of “Moderate Buy” from the six analysts that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $25.80.

Several equities research analysts have issued reports on GNK shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target on the stock. Alliance Global Partners raised their target price on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, July 1st.

Genco Shipping & Trading Trading Down 1.2 %

Shares of NYSE:GNK opened at $17.84 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59. The stock’s 50-day moving average is $17.74 and its 200-day moving average is $19.98. The company has a market cap of $762.80 million, a P/E ratio of 297.33, a P/E/G ratio of 0.25 and a beta of 0.95. Genco Shipping & Trading has a 52-week low of $12.65 and a 52-week high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.04. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The company had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $74.86 million. During the same period in the prior year, the business earned $0.27 earnings per share. Genco Shipping & Trading’s revenue for the quarter was up 18.1% compared to the same quarter last year. Equities research analysts predict that Genco Shipping & Trading will post 2.1 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were given a $0.34 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.36 annualized dividend and a dividend yield of 7.62%. Genco Shipping & Trading’s dividend payout ratio is currently 2,266.67%.

Hedge Funds Weigh In On Genco Shipping & Trading

Hedge funds have recently added to or reduced their stakes in the stock. CWM LLC boosted its stake in Genco Shipping & Trading by 109.5% during the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after acquiring an additional 998 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in Genco Shipping & Trading in the second quarter worth $82,000. nVerses Capital LLC bought a new position in shares of Genco Shipping & Trading during the second quarter worth $136,000. Banque Cantonale Vaudoise grew its holdings in shares of Genco Shipping & Trading by 236.6% in the 1st quarter. Banque Cantonale Vaudoise now owns 8,536 shares of the shipping company’s stock valued at $174,000 after buying an additional 6,000 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at $178,000. Institutional investors and hedge funds 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.