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

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have received a consensus recommendation of “Buy” from the five brokerages that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, two have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $19.3333.

Several research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Jefferies Financial Group restated a “buy” rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, August 7th.

Genco Shipping & Trading Price Performance

Shares of GNK stock opened at $16.85 on Thursday. The company has a market capitalization of $724.00 million, a PE ratio of 49.57 and a beta of 1.22. The firm has a fifty day simple moving average of $15.49 and a 200-day simple moving average of $14.17. The company has a current ratio of 1.63, a quick ratio of 1.20 and a debt-to-equity ratio of 0.10. Genco Shipping & Trading has a twelve month low of $11.20 and a twelve month high of $19.51.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $46.90 million during the quarter, compared to the consensus estimate of $50.19 million. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The business’s quarterly revenue was down 24.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 earnings per share. Equities research analysts anticipate that Genco Shipping & Trading will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 18th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.60 annualized dividend and a yield of 3.6%. Genco Shipping & Trading’s dividend payout ratio is currently 176.47%.

Institutional Trading of Genco Shipping & Trading

Several institutional investors have recently added to or reduced their stakes in GNK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Genco Shipping & Trading by 6,887.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,676,967 shares of the shipping company’s stock valued at $22,404,000 after acquiring an additional 1,652,966 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in Genco Shipping & Trading in the first quarter valued at $4,921,000. CSM Advisors LLC acquired a new stake in Genco Shipping & Trading in the second quarter valued at $3,876,000. Townsend & Associates Inc raised its holdings in Genco Shipping & Trading by 17.7% in the first quarter. Townsend & Associates Inc now owns 1,261,959 shares of the shipping company’s stock valued at $15,484,000 after acquiring an additional 190,000 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Genco Shipping & Trading by 629.8% in the first quarter. SG Americas Securities LLC now owns 218,067 shares of the shipping company’s stock valued at $2,913,000 after acquiring an additional 188,186 shares in the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

Genco Shipping & Trading Company Profile

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.