Genco Shipping & Trading Limited (NYSE:GNK) Given Consensus Rating of “Buy” by Brokerages

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have earned an average recommendation of “Buy” from the six brokerages that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation, three have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $20.75.

Several analysts have commented on the stock. Dnb Nor Markets upgraded shares of Genco Shipping & Trading to a “strong-buy” rating in a report on Thursday, May 1st. Pareto Securities upgraded shares of Genco Shipping & Trading to a “strong-buy” rating in a report on Monday, March 31st. Jefferies Financial Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, May 8th. Finally, Wall Street Zen downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $13.27 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The company has a market capitalization of $569.85 million, a P/E ratio of 7.58, a price-to-earnings-growth ratio of 5.64 and a beta of 1.17. The company’s 50 day moving average price is $13.14 and its two-hundred day moving average price is $14.22. Genco Shipping & Trading has a 52 week low of $11.20 and a 52 week high of $22.68.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, May 7th. The shipping company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.02). The company had revenue of $41.64 million for the quarter, compared to analyst estimates of $43.49 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The business’s quarterly revenue was down 39.3% on a year-over-year basis. During the same quarter last year, the business posted $0.49 earnings per share. On average, analysts expect that Genco Shipping & Trading will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 23rd will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a dividend yield of 4.28%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 57.69%.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds and other institutional investors have recently made changes to their positions in GNK. Focus Partners Wealth increased its holdings in Genco Shipping & Trading by 15.3% during the first quarter. Focus Partners Wealth now owns 798,520 shares of the shipping company’s stock worth $10,668,000 after buying an additional 106,222 shares during the last quarter. Empowered Funds LLC increased its holdings in Genco Shipping & Trading by 2.1% during the first quarter. Empowered Funds LLC now owns 274,401 shares of the shipping company’s stock worth $3,666,000 after buying an additional 5,540 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in Genco Shipping & Trading by 59.5% during the first quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company’s stock worth $238,000 after buying an additional 6,660 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Genco Shipping & Trading by 6,887.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,676,967 shares of the shipping company’s stock worth $22,404,000 after buying an additional 1,652,966 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in Genco Shipping & Trading by 49.3% during the first quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after buying an additional 97,766 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.