Genco Shipping & Trading Limited (NYSE:GNK) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have earned a consensus recommendation of “Moderate Buy” from the five brokerages that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $26.00.

A number of research analysts have commented on the stock. Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, September 2nd. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Zacks Research cut shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 19th. Finally, B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC grew its position in Genco Shipping & Trading by 364.8% during the 1st quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company’s stock worth $6,938,000 after acquiring an additional 241,471 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Genco Shipping & Trading by 56.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after purchasing an additional 102,868 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Genco Shipping & Trading by 12.4% during the first quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company’s stock valued at $5,113,000 after purchasing an additional 25,002 shares during the period. UBS Group AG boosted its stake in shares of Genco Shipping & Trading by 33.3% during 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, First Trust Advisors LP grew its holdings in shares of Genco Shipping & Trading by 2.1% in the first quarter. First Trust Advisors LP now owns 135,166 shares of the shipping company’s stock worth $3,048,000 after purchasing an additional 2,820 shares during the last quarter. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Price Performance

GNK opened at $27.39 on Thursday. The stock has a 50-day moving average price of $26.01 and a 200-day moving average price of $24.52. Genco Shipping & Trading has a 12-month low of $15.55 and a 12-month high of $28.22. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $1.19 billion, a P/E ratio of 30.10, a PEG ratio of 3.25 and a beta of 0.93.

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

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 17th were issued a $0.80 dividend. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35. This represents a $3.20 annualized dividend and a dividend yield of 11.7%. The ex-dividend date was Monday, August 17th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 351.65%.

About Genco Shipping & Trading

Genco Shipping & Trading Limited (NYSE: GNK) is a global drybulk shipping company that owns and operates vessels used to transport essential commodities. Its cargoes include iron ore, coal, grain and other raw materials that support industrial and agricultural supply chains.

The company operates a diversified fleet of large Capesize vessels and smaller Ultramax and Supramax vessels. This range of ship sizes enables Genco to serve different cargo requirements and trade routes across major international markets, including the Atlantic and Pacific basins.

Founded in 1997 and headquartered in New York City, Genco manages its fleet through a combination of in-house commercial and technical capabilities.