Genco Shipping & Trading Limited (NYSE:GNK) Receives $24.20 Average PT from Brokerages

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have received a consensus rating of “Moderate Buy” from the six analysts that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $24.20.

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

Institutional Investors Weigh In On Genco Shipping & Trading

A number of large investors have recently made changes to their positions in GNK. 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. Point72 Hong Kong Ltd acquired a new position in shares of Genco Shipping & Trading during the 2nd quarter valued at about $82,000. Quarry LP increased its holdings in shares of Genco Shipping & Trading by 535.8% during the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after buying an additional 3,595 shares during the last quarter. nVerses Capital LLC purchased a new stake in Genco Shipping & Trading in the second quarter valued at $136,000. Finally, Point72 DIFC Ltd acquired a new position in Genco Shipping & Trading in the second quarter valued at about $178,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Stock Down 2.2 %

GNK stock opened at $15.52 on Tuesday. Genco Shipping & Trading has a 12 month low of $14.02 and a 12 month high of $23.43. The stock has a market capitalization of $663.64 million, a P/E ratio of 9.89, a price-to-earnings-growth ratio of 0.25 and a beta of 0.98. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $17.22 and a 200-day moving average price of $18.81.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. The business had revenue of $99.33 million during 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%. Genco Shipping & Trading’s quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) earnings per share. As a group, equities research analysts anticipate that Genco Shipping & Trading will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared 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. This represents a $1.60 annualized dividend and a dividend yield of 10.31%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio is presently 101.91%.

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.