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

Genco Shipping & Trading Limited (NYSE:GNK) has been assigned a consensus recommendation of “Hold” from the five analysts that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $23.6667.

A number of equities analysts have recently issued reports on GNK shares. Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Zacks Research cut shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $29.00 target price on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Finally, Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th.

Hedge Funds Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE boosted its stake in Genco Shipping & Trading by 33.2% in the 1st quarter. Bank of America Corp DE now owns 49,457 shares of the shipping company’s stock valued at $1,115,000 after buying an additional 12,319 shares in the last quarter. Empowered Funds LLC raised its stake in Genco Shipping & Trading by 12.4% during the first quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company’s stock worth $5,113,000 after acquiring an additional 25,002 shares in the last quarter. Quantinno Capital Management LP raised its stake in Genco Shipping & Trading by 104.8% during the first quarter. Quantinno Capital Management LP now owns 56,860 shares of the shipping company’s stock worth $1,282,000 after acquiring an additional 29,098 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Genco Shipping & Trading by 56.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock worth $6,462,000 after acquiring an additional 102,868 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Genco Shipping & Trading by 2.1% during the first quarter. First Trust Advisors LP now owns 135,166 shares of the shipping company’s stock valued at $3,048,000 after acquiring an additional 2,820 shares during the period. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $24.39 on Friday. Genco Shipping & Trading has a 1-year low of $13.55 and a 1-year high of $27.25. The firm has a market capitalization of $1.06 billion, a PE ratio of 64.19, a PEG ratio of 3.53 and a beta of 0.93. The business’s 50 day moving average is $24.24 and its 200-day moving average is $22.36. 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 issued its earnings results on Wednesday, May 6th. The shipping company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.19. The business had revenue of $114.43 million during the quarter, compared to analyst estimates of $65.73 million. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.Genco Shipping & Trading’s revenue was up 60.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.28) earnings per share. Sell-side analysts predict that Genco Shipping & Trading will post 1.81 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

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