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

Shares of Genco Shipping & Trading Limited (NYSE:GNKGet Rating) have earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $23.20.

A number of analysts have issued reports on GNK shares. Stifel Nicolaus started coverage on shares of Genco Shipping & Trading in a research note on Thursday, September 29th. They set a “buy” rating and a $20.00 price target on the stock. BTIG Research cut their price target on shares of Genco Shipping & Trading to $22.00 in a research note on Tuesday, November 15th. Jefferies Financial Group cut their price target on shares of Genco Shipping & Trading from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, September 26th. Alliance Global Partners cut their price target on shares of Genco Shipping & Trading to $27.00 in a research note on Wednesday, November 16th. Finally, B. Riley cut their target price on shares of Genco Shipping & Trading from $31.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday, October 10th.

Genco Shipping & Trading Stock Up 1.7 %

Shares of GNK opened at $14.56 on Friday. The firm has a market cap of $616.32 million, a P/E ratio of 2.83 and a beta of 1.01. Genco Shipping & Trading has a 12-month low of $11.92 and a 12-month high of $27.15. The company’s 50-day moving average price is $13.93 and its 200 day moving average price is $17.19. The company has a current ratio of 2.63, a quick ratio of 2.05 and a debt-to-equity ratio of 0.18.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 28th. Investors of record on Monday, November 21st will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 21.43%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, November 18th. Genco Shipping & Trading’s dividend payout ratio is presently 60.58%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GNK. Allspring Global Investments Holdings LLC acquired a new position in Genco Shipping & Trading in the second quarter valued at approximately $25,000. Spire Wealth Management acquired a new position in Genco Shipping & Trading in the second quarter valued at approximately $26,000. Acadian Asset Management LLC acquired a new position in Genco Shipping & Trading in the first quarter valued at approximately $26,000. Edmond DE Rothschild Holding S.A. acquired a new position in Genco Shipping & Trading in the first quarter valued at approximately $28,000. Finally, Ensign Peak Advisors Inc boosted its holdings in Genco Shipping & Trading by 53.2% in the third quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 840 shares in the last quarter. 80.23% of the stock is owned by institutional investors and hedge funds.

Genco Shipping & Trading Company Profile

(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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