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

Genco Shipping & Trading Limited (NYSE:GNK) has been given an average rating of “Hold” by the five analysts that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $23.6667.

Several research firms recently issued reports on GNK. Zacks Research lowered shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $29.00 price target on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Finally, Alliance Global Partners downgraded Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research note on Thursday, February 19th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GNK. Millennium Management LLC boosted its stake in Genco Shipping & Trading by 100.3% in the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after purchasing an additional 272,094 shares during the period. SG Americas Securities LLC boosted its stake in Genco Shipping & Trading by 364.8% in the 1st quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company’s stock worth $6,938,000 after purchasing an additional 241,471 shares during the period. Citigroup Inc. boosted its stake in Genco Shipping & Trading by 727.6% in the 3rd quarter. Citigroup Inc. now owns 215,412 shares of the shipping company’s stock worth $3,834,000 after purchasing an additional 189,383 shares during the period. First Trust Advisors LP boosted its stake in Genco Shipping & Trading by 705.9% in the 3rd quarter. First Trust Advisors LP now owns 133,631 shares of the shipping company’s stock worth $2,379,000 after purchasing an additional 117,049 shares during the period. Finally, Hsbc Holdings PLC bought a new position in Genco Shipping & Trading in the 1st quarter worth approximately $2,552,000. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Trading Up 2.6%

Genco Shipping & Trading stock opened at $24.73 on Tuesday. The firm has a 50 day moving average of $24.06 and a 200 day moving average of $21.60. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 65.07, a P/E/G ratio of 3.56 and a beta of 0.95. Genco Shipping & Trading has a 12-month low of $12.84 and a 12-month high of $27.25. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.19. The company had revenue of $114.43 million during the quarter, compared to analyst estimates of $65.73 million. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The firm’s quarterly revenue was up 60.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.28) EPS. As a group, research analysts predict that Genco Shipping & Trading will post 1.81 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Monday, May 18th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 5.7%. The ex-dividend date was Monday, May 18th. Genco Shipping & Trading’s dividend payout ratio is presently 368.42%.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.