Genco Shipping & Trading (NYSE:GNK) Reaches New 1-Year High – Here’s Why

Shares of Genco Shipping & Trading Limited (NYSE:GNK) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $20.26 and last traded at $20.2550, with a volume of 75001 shares. The stock had previously closed at $19.96.

Analyst Ratings Changes

GNK has been the topic of several research reports. SEB Equity Research set a $23.00 target price on Genco Shipping & Trading in a report on Friday, September 26th. Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $21.00.

Genco Shipping & Trading Stock Down 0.2%

The firm’s 50 day moving average is $18.75 and its 200-day moving average is $17.42. The firm has a market cap of $863.56 million, a PE ratio of -117.47 and a beta of 1.19. The company has a quick ratio of 1.98, a current ratio of 2.36 and a debt-to-equity ratio of 0.18.

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

Genco Shipping & Trading Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Monday, November 17th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, November 17th. Genco Shipping & Trading’s dividend payout ratio (DPR) is -352.94%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC grew its stake in Genco Shipping & Trading by 0.3% during the 2nd quarter. SG Americas Securities LLC now owns 218,684 shares of the shipping company’s stock valued at $2,858,000 after purchasing an additional 617 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Genco Shipping & Trading by 2.3% during the 3rd quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock valued at $622,000 after buying an additional 779 shares during the last quarter. PNC Financial Services Group Inc. grew its position 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 buying an additional 876 shares in the last quarter. CWM LLC grew 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 buying an additional 1,082 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake 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 worth $219,000 after buying an additional 1,262 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.