Genco Shipping & Trading Limited (NYSE:GNK) Stock Has Average Price Target of $29.00 According to Brokerages

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have received an average rating of “Hold” from the six research firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $29.00.

Several research firms recently commented on GNK. Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Weiss Ratings raised Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 29th. Zacks Research downgraded Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a research report on Monday. BTIG Research reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Friday, September 18th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Genco Shipping & Trading in a research report on Friday, August 7th.

Genco Shipping & Trading Stock Performance

Shares of NYSE:GNK opened at $27.12 on Monday. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 29.80, a PEG ratio of 3.19 and a beta of 0.96. The firm’s 50-day moving average is $26.51 and its 200 day moving average is $25.01. Genco Shipping & Trading has a 12 month low of $15.55 and a 12 month high of $28.42. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. The firm had revenue of $136.41 million during the quarter, compared to the consensus estimate of $90.59 million. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The company’s revenue was up 68.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.16) earnings per share. Research analysts predict that Genco Shipping & Trading will post 2.22 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.20 annualized dividend and a yield of 11.8%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. Genco Shipping & Trading’s dividend payout ratio is currently 351.65%.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds and other institutional investors have recently made changes to their positions in GNK. Blue Trust Inc. lifted its position in shares of Genco Shipping & Trading by 230.1% during the first 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. Public Employees Retirement System of Ohio purchased a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth $35,000. Global Trust Asset Management LLC purchased a new position in shares of Genco Shipping & Trading in the 1st quarter valued at about $45,000. Summit Securities Group LLC purchased a new position in Genco Shipping & Trading in the first quarter valued at approximately $63,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Genco Shipping & Trading in the 1st quarter valued at $234,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a drybulk shipping company that owns and operates ocean-going vessels used to transport commodities worldwide. Its fleet serves the global seaborne trade in major and minor drybulk cargoes, including iron ore, coal, grain, steel products and other raw materials.

The company operates vessels across several drybulk segments, including Capesize, Ultramax, Supramax and Handysize ships. Genco provides transportation services to commodity producers, traders and industrial customers, with voyages covering major international trade routes and ports.

Founded in 2004 and headquartered in New York City, Genco became a publicly traded company in 2005.