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

Genco Shipping & Trading Limited (NYSE:GNKGet Rating) has been given a consensus recommendation of “Buy” by the seven ratings firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $29.00.

A number of equities research analysts recently commented on GNK shares. B. Riley lifted their price objective on Genco Shipping & Trading from $27.00 to $31.00 in a research note on Friday, May 6th. Zacks Investment Research cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, April 26th. Jefferies Financial Group initiated coverage on Genco Shipping & Trading in a report on Wednesday, April 27th. They set a “buy” rating on the stock. TheStreet upgraded Genco Shipping & Trading from a “c” rating to a “b-” rating in a research note on Wednesday, February 2nd. Finally, StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday.

GNK traded up $0.22 during midday trading on Friday, reaching $20.83. The company’s stock had a trading volume of 1,154,939 shares, compared to its average volume of 1,194,204. The stock has a market cap of $876.94 million, a P/E ratio of 4.01 and a beta of 0.85. The company has a fifty day simple moving average of $22.27 and a 200 day simple moving average of $18.37. The company has a current ratio of 2.78, a quick ratio of 2.16 and a debt-to-equity ratio of 0.20. Genco Shipping & Trading has a twelve month low of $13.21 and a twelve month high of $26.00.

Genco Shipping & Trading (NYSE:GNKGet Rating) last posted its earnings results on Thursday, February 24th. The shipping company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.89 by $0.10. Genco Shipping & Trading had a return on equity of 25.50% and a net margin of 37.21%. The business had revenue of $146.67 million during the quarter, compared to the consensus estimate of $129.28 million. During the same quarter last year, the company earned $0.22 EPS. Sell-side analysts expect that Genco Shipping & Trading will post 4.73 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 24th. Stockholders of record on Monday, May 16th will be given a $0.79 dividend. The ex-dividend date is Friday, May 13th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.67. This represents a $3.16 annualized dividend and a dividend yield of 15.17%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 51.64%.

In other news, insider Robert E. Hughes sold 1,345 shares of Genco Shipping & Trading stock in a transaction dated Wednesday, February 23rd. The stock was sold at an average price of $19.73, for a total value of $26,536.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Apostolos Zafolias sold 1,430 shares of Genco Shipping & Trading stock in a transaction dated Friday, March 4th. The stock was sold at an average price of $20.26, for a total value of $28,971.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 82,292 shares of company stock valued at $1,696,480. Corporate insiders own 2.07% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Raymond James & Associates acquired a new position in Genco Shipping & Trading during the 3rd quarter valued at about $427,000. Los Angeles Capital Management LLC boosted its stake in Genco Shipping & Trading by 6.8% during the 3rd quarter. Los Angeles Capital Management LLC now owns 17,659 shares of the shipping company’s stock valued at $355,000 after purchasing an additional 1,130 shares during the last quarter. BlackRock Inc. boosted its stake in Genco Shipping & Trading by 4.6% during the 3rd quarter. BlackRock Inc. now owns 2,333,475 shares of the shipping company’s stock valued at $46,972,000 after purchasing an additional 103,063 shares during the last quarter. Barclays PLC boosted its stake in Genco Shipping & Trading by 309.6% during the 3rd quarter. Barclays PLC now owns 16,656 shares of the shipping company’s stock valued at $335,000 after purchasing an additional 12,590 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Genco Shipping & Trading by 51.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 140,582 shares of the shipping company’s stock valued at $2,830,000 after purchasing an additional 47,483 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

About Genco Shipping & Trading (Get Rating)

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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