Genco Shipping & Trading (NYSE:GNK) Sees Large Volume Increase – Here’s Why

Genco Shipping & Trading Limited (NYSE:GNK) saw unusually-high trading volume on Monday . Approximately 816,289 shares changed hands during trading, an increase of 105% from the previous session’s volume of 397,719 shares.The stock last traded at $26.6840 and had previously closed at $26.52.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on GNK shares. B. Riley Financial reiterated a “buy” rating on shares of Genco Shipping & Trading in a research report on Friday, August 7th. 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. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $29.00 price target on shares of Genco Shipping & Trading in a report on Friday, May 8th. Finally, Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $26.00.

Genco Shipping & Trading Price Performance

The stock’s 50-day moving average price is $25.05 and its 200 day moving average price is $23.94. The company has a quick ratio of 2.41, a current ratio of 2.97 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 3.07 and a beta of 0.94.

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

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 17th will be paid a $0.80 dividend. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 11.8%. Genco Shipping & Trading’s dividend payout ratio is 351.65%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GNK. XY Capital Ltd purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at approximately $425,000. Hsbc Holdings PLC purchased a new position in Genco Shipping & Trading in the first quarter worth approximately $2,552,000. Arrowstreet Capital Limited Partnership increased its stake in Genco Shipping & Trading by 56.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock worth $6,462,000 after acquiring an additional 102,868 shares during the last quarter. UBS Group AG raised its position in Genco Shipping & Trading by 33.3% in the fourth quarter. UBS Group AG now owns 153,263 shares of the shipping company’s stock valued at $2,825,000 after purchasing an additional 38,310 shares during the period. Finally, Quantinno Capital Management LP lifted its stake in shares of Genco Shipping & Trading by 104.8% in the 1st quarter. Quantinno Capital Management LP now owns 56,860 shares of the shipping company’s stock valued at $1,282,000 after purchasing an additional 29,098 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

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.