Genco Shipping & Trading (NYSE:GNK) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Genco Shipping & Trading (NYSE:GNK) from a hold rating to a strong-buy rating in a research note released on Tuesday morning,Zacks.com reports.

Several other research firms have also commented on GNK. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $29.00 price objective on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Finally, Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.67.

Genco Shipping & Trading Stock Performance

NYSE GNK opened at $25.43 on Tuesday. The business has a 50 day moving average price of $24.29 and a 200 day moving average price of $23.00. The company has a market capitalization of $1.11 billion, a P/E ratio of 66.91, a PEG ratio of 3.11 and a beta of 0.93. Genco Shipping & Trading has a 1-year low of $15.51 and a 1-year high of $27.25. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.98 and a quick ratio of 2.41.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, May 6th. The shipping company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.19. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The company had revenue of $114.43 million for the quarter, compared to the consensus estimate of $65.73 million. During the same period in the previous year, the business earned ($0.28) earnings per share. Genco Shipping & Trading’s quarterly revenue was up 60.6% compared to the same quarter last year. Sell-side analysts expect that Genco Shipping & Trading will post 2.12 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Monday, May 18th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.40 annualized dividend and a yield of 5.5%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 368.42%.

Institutional Trading of Genco Shipping & Trading

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. increased its position in Genco Shipping & Trading by 230.1% during the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock worth $30,000 after purchasing an additional 939 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Genco Shipping & Trading during the 3rd quarter worth about $30,000. Strengthening Families & Communities LLC purchased a new stake in shares of Genco Shipping & Trading during the fourth quarter worth about $31,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Genco Shipping & Trading during the fourth quarter worth about $32,000. Finally, Sunbelt Securities Inc. acquired a new position in shares of Genco Shipping & Trading in the third quarter valued at approximately $35,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

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.