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

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been assigned an average recommendation of “Hold” from the five ratings firms that are presently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $23.6667.

Several analysts have recently issued reports on GNK shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a report on Friday, May 8th. 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 upgraded shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Finally, Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th.

Genco Shipping & Trading Trading Up 0.3%

Shares of Genco Shipping & Trading stock opened at $25.34 on Wednesday. Genco Shipping & Trading has a twelve month low of $15.32 and a twelve month high of $27.25. The company has a quick ratio of 2.41, a current ratio of 2.98 and a debt-to-equity ratio of 0.36. The business has a 50-day moving average price of $24.29 and a 200-day moving average price of $22.95. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 66.68, a PEG ratio of 3.64 and a beta of 0.93.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly 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 company 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%.The firm’s revenue was up 60.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.28) earnings per share. Equities research analysts anticipate that Genco Shipping & Trading will post 1.81 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th were issued a $0.35 dividend. The ex-dividend date was Monday, May 18th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.5%. Genco Shipping & Trading’s payout ratio is 368.42%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GNK. Millennium Management LLC grew its position in Genco Shipping & Trading by 100.3% in the fourth quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after acquiring an additional 272,094 shares in the last quarter. SG Americas Securities LLC raised its position in Genco Shipping & Trading by 364.8% during the first quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company’s stock valued at $6,938,000 after purchasing an additional 241,471 shares during the period. First Trust Advisors LP raised its position in Genco Shipping & Trading by 705.9% during the third quarter. First Trust Advisors LP now owns 133,631 shares of the shipping company’s stock valued at $2,379,000 after purchasing an additional 117,049 shares during the period. Hsbc Holdings PLC bought a new stake in shares of Genco Shipping & Trading in the 1st quarter valued at approximately $2,552,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Genco Shipping & Trading by 56.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after purchasing an additional 102,868 shares during the last quarter. Institutional investors own 58.62% of the company’s stock.

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.