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

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been given a consensus recommendation of “Moderate Buy” by the five research firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $26.00.

Several equities analysts recently commented on the stock. Zacks Research cut shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 19th. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, September 2nd. B. Riley Financial reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Finally, Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th.

Genco Shipping & Trading Trading Up 0.5%

Shares of GNK stock opened at $26.97 on Thursday. The company’s fifty day simple moving average is $25.90 and its two-hundred day simple moving average is $24.46. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.97 and a quick ratio of 2.41. Genco Shipping & Trading has a 1 year low of $15.55 and a 1 year high of $27.82. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 3.10 and a beta of 0.93.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The business had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $90.59 million. During the same quarter in the prior year, the firm posted ($0.16) EPS. The firm’s quarterly revenue was up 68.5% on a year-over-year basis. As a group, analysts anticipate that Genco Shipping & Trading will post 2.25 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 17th were issued a dividend of $0.80 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 11.9%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35. Genco Shipping & Trading’s payout ratio is presently 351.65%.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors have recently modified their holdings of the company. Blue Trust Inc. boosted its holdings 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 during the period. Public Employees Retirement System of Ohio purchased a new position in Genco Shipping & Trading during the 2nd quarter valued at about $35,000. Global Trust Asset Management LLC purchased a new position in Genco Shipping & Trading during the 1st quarter valued at about $45,000. Summit Securities Group LLC bought a new position in Genco Shipping & Trading during the 1st quarter valued at approximately $63,000. Finally, First Trust Advisors LP raised its position in Genco Shipping & Trading by 2.1% during the 1st quarter. First Trust Advisors LP now owns 135,166 shares of the shipping company’s stock valued at $3,048,000 after purchasing an additional 2,820 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited (NYSE: GNK) is a global drybulk shipping company that owns and operates vessels used to transport essential commodities. Its cargoes include iron ore, coal, grain and other raw materials that support industrial and agricultural supply chains.

The company operates a diversified fleet of large Capesize vessels and smaller Ultramax and Supramax vessels. This range of ship sizes enables Genco to serve different cargo requirements and trade routes across major international markets, including the Atlantic and Pacific basins.

Founded in 1997 and headquartered in New York City, Genco manages its fleet through a combination of in-house commercial and technical capabilities.