Genco Shipping & Trading (NYSE:GNK) PT Raised to $23.00

Genco Shipping & Trading (NYSE:GNK) had its price target hoisted by Stifel Nicolaus from $22.00 to $23.00 in a research report sent to investors on Friday, Benzinga reports. The firm currently has a buy rating on the shipping company’s stock.

Several other analysts have also commented on GNK. StockNews.com lowered shares of Genco Shipping & Trading from a hold rating to a sell rating in a report on Thursday, April 18th. TheStreet upgraded shares of Genco Shipping & Trading from a c rating to a b- rating in a report on Thursday, February 22nd. Finally, BTIG Research reiterated a neutral rating on shares of Genco Shipping & Trading in a report on Friday, January 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $21.00.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $20.81 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. Genco Shipping & Trading has a one year low of $12.39 and a one year high of $21.24. The company has a 50-day simple moving average of $19.98 and a two-hundred day simple moving average of $17.03. The firm has a market capitalization of $889.63 million, a PE ratio of -67.13 and a beta of 1.18.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, February 21st. The shipping company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.37 by $0.06. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The business had revenue of $115.50 million during the quarter, compared to analyst estimates of $72.54 million. During the same period last year, the business posted $0.67 earnings per share. Genco Shipping & Trading’s quarterly revenue was down 9.1% compared to the same quarter last year. On average, analysts anticipate that Genco Shipping & Trading will post 1.9 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, March 6th were given a dividend of $0.41 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.64 annualized dividend and a dividend yield of 7.88%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio (DPR) is -529.03%.

Insider Activity at Genco Shipping & Trading

In related news, insider Jesper Christensen sold 12,404 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $245,599.20. Following the completion of the sale, the insider now owns 42,587 shares of the company’s stock, valued at $843,222.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Jesper Christensen sold 12,404 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $245,599.20. Following the completion of the sale, the insider now owns 42,587 shares of the company’s stock, valued at $843,222.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Joseph Adamo sold 1,396 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total transaction of $28,478.40. Following the sale, the chief accounting officer now directly owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The disclosure for this sale can be found here. Insiders sold 62,496 shares of company stock valued at $1,238,678 over the last 90 days. Corporate insiders own 2.08% of the company’s stock.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of large investors have recently added to or reduced their stakes in GNK. Register Financial Advisors LLC grew its position in Genco Shipping & Trading by 13.7% in the 3rd quarter. Register Financial Advisors LLC now owns 12,162 shares of the shipping company’s stock worth $170,000 after purchasing an additional 1,462 shares during the period. SG Americas Securities LLC bought a new stake in Genco Shipping & Trading in the 3rd quarter worth approximately $137,000. Linden Thomas Advisory Services LLC grew its position in Genco Shipping & Trading by 14.8% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 14,010 shares of the shipping company’s stock worth $196,000 after purchasing an additional 1,802 shares during the period. Accurate Wealth Management LLC bought a new stake in Genco Shipping & Trading in the 3rd quarter worth approximately $267,000. Finally, Raymond James Financial Services Advisors Inc. grew its position in Genco Shipping & Trading by 10.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 13,092 shares of the shipping company’s stock worth $183,000 after purchasing an additional 1,198 shares during the period. Institutional investors 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.