Genco Shipping & Trading (NYSE:GNK) Price Target Increased to $23.00 by Analysts at Stifel Nicolaus

Genco Shipping & Trading (NYSE:GNK) had its target price hoisted by Stifel Nicolaus from $22.00 to $23.00 in a report issued on Friday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the shipping company’s stock.

Other equities research analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Genco Shipping & Trading from a hold rating to a sell rating in a research report on Thursday. BTIG Research restated a neutral rating on shares of Genco Shipping & Trading in a research report on Friday, January 5th. Finally, TheStreet upgraded shares of Genco Shipping & Trading from a c rating to a b- rating in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Genco Shipping & Trading has an average rating of Hold and an average price target of $21.00.

Genco Shipping & Trading Stock Performance

NYSE GNK opened at $20.55 on Friday. The company has a quick ratio of 3.70, a current ratio of 4.46 and a debt-to-equity ratio of 0.21. Genco Shipping & Trading has a 52-week low of $12.39 and a 52-week high of $21.24. The business’s 50-day moving average price is $19.93 and its 200 day moving average price is $16.94. The firm has a market cap of $878.51 million, a P/E ratio of -66.29 and a beta of 1.18.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, February 21st. The shipping company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The firm had revenue of $115.50 million for the quarter, compared to analyst estimates of $72.54 million. During the same quarter last year, the company posted $0.67 earnings per share. The business’s revenue was down 9.1% on a year-over-year basis. On average, equities research analysts expect that Genco Shipping & Trading will post 1.9 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Wednesday, March 6th were paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 7.98%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, March 5th. Genco Shipping & Trading’s dividend payout ratio (DPR) is -529.03%.

Insider Transactions at Genco Shipping & Trading

In other news, CAO Joseph Adamo sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.87, for a total transaction of $119,220.00. Following the completion of the transaction, the chief accounting officer now directly owns 17,202 shares of the company’s stock, valued at approximately $341,803.74. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO John C. Wobensmith sold 35,660 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $706,068.00. Following the completion of the transaction, the chief executive officer now directly owns 466,684 shares of the company’s stock, valued at approximately $9,240,343.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Joseph Adamo sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.87, for a total transaction of $119,220.00. Following the transaction, the chief accounting officer now directly owns 17,202 shares of the company’s stock, valued at $341,803.74. The disclosure for this sale can be found here. Insiders sold a total of 62,496 shares of company stock valued at $1,238,678 in the last ninety days. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of Genco Shipping & Trading

Several hedge funds and other institutional investors have recently bought and sold shares of GNK. Acadian Asset Management LLC purchased a new stake in Genco Shipping & Trading in the 1st quarter worth approximately $26,000. Ensign Peak Advisors Inc grew its stake in Genco Shipping & Trading by 53.2% in the 3rd quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock worth $30,000 after acquiring an additional 840 shares during the period. PNC Financial Services Group Inc. grew its stake in Genco Shipping & Trading by 1,632.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock worth $32,000 after acquiring an additional 2,139 shares during the period. Tower Research Capital LLC TRC grew its stake in Genco Shipping & Trading by 114.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,603 shares of the shipping company’s stock worth $32,000 after acquiring an additional 1,387 shares during the period. Finally, Gladius Capital Management LP purchased a new stake in Genco Shipping & Trading in the 4th quarter worth approximately $37,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.