Genco Shipping & Trading (NYSE:GNK) Trading 6% Higher – Here’s What Happened

Genco Shipping & Trading Limited (NYSE:GNK) was up 6% during trading on Tuesday . The stock traded as high as $24.79 and last traded at $24.9750. Approximately 182,677 shares were traded during trading, a decline of 55% from the average daily volume of 403,978 shares. The stock had previously closed at $23.57.

Wall Street Analyst Weigh In

GNK has been the topic of several research analyst reports. 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. Zacks Research cut shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $23.67.

Genco Shipping & Trading Price Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.98. The stock has a market capitalization of $1.05 billion, a P/E ratio of 63.61, a price-to-earnings-growth ratio of 3.58 and a beta of 0.95. The firm has a 50-day moving average price of $24.19 and a 200 day moving average price of $22.11.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.07 by $0.19. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The firm had revenue of $114.43 million for the quarter, compared to the consensus estimate of $65.73 million. During the same quarter in the previous year, the business earned ($0.28) earnings per share. The company’s quarterly revenue was up 60.6% on a year-over-year basis. On average, analysts expect that Genco Shipping & Trading Limited will post 1.81 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Monday, May 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 368.42%.

Hedge Funds Weigh In On Genco Shipping & Trading

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in shares of Genco Shipping & Trading by 230.1% during the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock valued at $30,000 after buying an additional 939 shares in the last quarter. Strengthening Families & Communities LLC bought a new position in shares of Genco Shipping & Trading in the 4th quarter worth about $31,000. Advisory Services Network LLC purchased a new position in Genco Shipping & Trading during the 3rd quarter valued at about $30,000. Kemnay Advisory Services Inc. purchased a new position in Genco Shipping & Trading during the 4th quarter valued at about $32,000. Finally, Sunbelt Securities Inc. purchased a new position in Genco Shipping & Trading during the 3rd quarter valued at about $35,000. Institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

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.