Genco Shipping & Trading (NYSE:GNK) Shares Gap Down – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $17.66, but opened at $17.24. Genco Shipping & Trading shares last traded at $17.37, with a volume of 49,943 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price on the stock. Finally, Stifel Nicolaus downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price target for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Trading Down 2.2 %

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 stock has a market capitalization of $736.11 million, a PE ratio of 10.96, a P/E/G ratio of 0.28 and a beta of 0.98. The stock has a 50 day moving average price of $17.41 and a 200-day moving average price of $19.23.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business had revenue of $99.33 million for the quarter, compared to analysts’ expectations of $72.02 million. During the same period last year, the firm posted ($0.09) earnings per share. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. Sell-side analysts expect that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be issued a dividend of $0.40 per share. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 9.29%. The ex-dividend date of this dividend is Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio is currently 86.62%.

Hedge Funds Weigh In On Genco Shipping & Trading

Institutional investors and hedge funds have recently bought and sold shares of the stock. Moors & Cabot Inc. grew its position in shares of Genco Shipping & Trading by 2.0% during the second quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock valued at $669,000 after purchasing an additional 628 shares in the last quarter. SummerHaven Investment Management LLC increased its stake in shares of Genco Shipping & Trading by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock valued at $1,158,000 after buying an additional 682 shares during the period. CWM LLC raised its holdings in shares of Genco Shipping & Trading by 109.5% in the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 998 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Genco Shipping & Trading by 12.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock valued at $244,000 after acquiring an additional 1,279 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of Genco Shipping & Trading by 7.6% during the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock valued at $390,000 after buying an additional 1,300 shares during the last quarter. 58.62% of the stock is currently 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.