Genco Shipping & Trading (NYSE:GNK) Hits New 1-Year High – Time to Buy?

Genco Shipping & Trading Limited (NYSE:GNK) reached a new 52-week high on Wednesday . The stock traded as high as $20.68 and last traded at $20.3350, with a volume of 312263 shares changing hands. The stock had previously closed at $20.23.

Analyst Ratings Changes

GNK has been the subject of several recent research reports. Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $21.00.

Genco Shipping & Trading Stock Up 0.5%

The firm’s fifty day simple moving average is $18.86 and its two-hundred day simple moving average is $17.55. The company has a current ratio of 2.36, a quick ratio of 1.98 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $879.29 million, a price-to-earnings ratio of -119.62 and a beta of 1.19.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 5th. The shipping company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $79.92 million for the quarter, compared to analyst estimates of $65.06 million. Genco Shipping & Trading had a negative net margin of 2.14% and a negative return on equity of 0.62%. The business’s revenue for the quarter was down 19.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.41 EPS. Sell-side analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Monday, November 17th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, November 17th. This represents a $0.60 annualized dividend and a yield of 3.0%. Genco Shipping & Trading’s payout ratio is presently -352.94%.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its holdings in shares of Genco Shipping & Trading by 0.3% in the 2nd quarter. SG Americas Securities LLC now owns 218,684 shares of the shipping company’s stock valued at $2,858,000 after buying an additional 617 shares in the last quarter. Bank of America Corp DE boosted its stake in Genco Shipping & Trading by 2.3% in the third quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock valued at $622,000 after acquiring an additional 779 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Genco Shipping & Trading by 82.2% during the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after purchasing an additional 876 shares during the last quarter. CWM LLC increased its position in shares of Genco Shipping & Trading by 61.4% during the third quarter. CWM LLC now owns 2,843 shares of the shipping company’s stock worth $51,000 after purchasing an additional 1,082 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Genco Shipping & Trading by 11.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 12,695 shares of the shipping company’s stock valued at $219,000 after acquiring an additional 1,262 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 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.