Genco Shipping & Trading Limited (NYSE:GNK) Receives $24.20 Average PT from Analysts

Genco Shipping & Trading Limited (NYSE:GNK) has been assigned a consensus recommendation of “Moderate Buy” from the five analysts that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $24.20.

Several research analysts have recently commented on the company. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price target for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Finally, StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th.

Genco Shipping & Trading Stock Down 0.7 %

Shares of NYSE GNK opened at $14.28 on Wednesday. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average of $15.17 and a 200 day moving average of $17.01. Genco Shipping & Trading has a 12-month low of $13.51 and a 12-month high of $23.43. The stock has a market cap of $610.61 million, a PE ratio of 9.10, a P/E/G ratio of 0.24 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, meeting the consensus estimate of $0.41. The firm had revenue of $99.33 million during the quarter, compared to analysts’ expectations of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) earnings per share. As a group, sell-side analysts predict that Genco Shipping & Trading will post 1.75 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.20%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, November 18th. Genco Shipping & Trading’s payout ratio is 101.91%.

Institutional Trading of Genco Shipping & Trading

Several institutional investors have recently added to or reduced their stakes in GNK. Point72 Hong Kong Ltd purchased a new position in shares of Genco Shipping & Trading during the second quarter worth $82,000. Quarry LP lifted its stake in Genco Shipping & Trading by 535.8% during the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after acquiring an additional 3,595 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Genco Shipping & Trading by 830.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,033 shares of the shipping company’s stock valued at $154,000 after acquiring an additional 9,847 shares during the period. Point72 DIFC Ltd acquired a new position in Genco Shipping & Trading in the 2nd quarter valued at about $178,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Genco Shipping & Trading by 26.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,190 shares of the shipping company’s stock worth $198,000 after purchasing an additional 3,000 shares during the period. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.