Genco Shipping & Trading (NYSE:GNK) Shares Down 4.8% – Time to Sell?

Shares of Genco Shipping & Trading Limited (NYSE:GNK) fell 4.8% during mid-day trading on Wednesday . The company traded as low as $26.47 and last traded at $26.00. 21,008 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 406,299 shares. The stock had previously closed at $27.32.

Analyst Upgrades and Downgrades

Several brokerages have commented on GNK. 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. Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Weiss Ratings raised Genco Shipping & Trading from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 19th. B. Riley Financial reiterated a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $29.00 target price on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $26.00.

Genco Shipping & Trading Price Performance

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 firm has a market cap of $1.12 billion, a P/E ratio of 28.32, a PEG ratio of 2.99 and a beta of 0.94. The company has a fifty day moving average price of $25.28 and a two-hundred day moving average price of $24.10.

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

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 12.4%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, August 17th. Genco Shipping & Trading’s payout ratio is 351.65%.

Institutional Investors Weigh In On Genco Shipping & Trading

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its holdings in shares of Genco Shipping & Trading by 2,886.5% in the 2nd quarter. California State Teachers Retirement System now owns 870,026 shares of the shipping company’s stock valued at $21,559,000 after acquiring an additional 840,894 shares in the last quarter. Raiffeisen Bank International AG raised its holdings in Genco Shipping & Trading by 22.6% during the second quarter. Raiffeisen Bank International AG now owns 65,019 shares of the shipping company’s stock worth $1,611,000 after acquiring an additional 11,984 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Genco Shipping & Trading during the second quarter worth about $35,000. Bank of America Corp DE boosted its position in Genco Shipping & Trading by 33.2% during the first quarter. Bank of America Corp DE now owns 49,457 shares of the shipping company’s stock valued at $1,115,000 after purchasing an additional 12,319 shares during the last quarter. Finally, Empowered Funds LLC boosted its position in 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 last quarter. 58.62% of the stock is owned by institutional investors.

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.