Genco Shipping & Trading (NYSE:GNK) Shares Gap Up – Still a Buy?

Shares of Genco Shipping & Trading Limited (NYSE:GNK) gapped up prior to trading on Monday . The stock had previously closed at $17.90, but opened at $19.26. Genco Shipping & Trading shares last traded at $19.1020, with a volume of 360,112 shares trading hands.

Analyst Upgrades and Downgrades

GNK has been the subject of several recent research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Wednesday. Jefferies Financial Group restated a “buy” rating and set a $19.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Finally, SEB Equity Research set a $23.00 target price on Genco Shipping & Trading in a research report on Friday, September 26th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $21.00.

Genco Shipping & Trading Price Performance

The business has a 50-day simple moving average of $17.22 and a two-hundred day simple moving average of $15.80. The company has a quick ratio of 1.20, a current ratio of 1.63 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $822.27 million, a price-to-earnings ratio of 55.94 and a beta of 1.20.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, November 5th. The shipping company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The company had revenue of $79.92 million for the quarter, compared to the consensus estimate of $65.06 million. During the same quarter in the previous year, the business earned $0.41 EPS. The company’s quarterly revenue was down 19.5% compared to the same quarter last year. As a group, research analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Investors of record on Monday, November 17th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, November 17th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently -352.94%.

Insider Activity

In other news, insider Jesper Christensen sold 34,202 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $18.06, for a total transaction of $617,688.12. Following the completion of the sale, the insider owned 69,363 shares in the company, valued at approximately $1,252,695.78. This represents a 33.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.37% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently modified their holdings of the stock. Atlantic Union Bankshares Corp acquired a new position in shares of Genco Shipping & Trading in the third quarter worth about $30,000. Advisory Services Network LLC purchased a new position in Genco Shipping & Trading during the 3rd quarter worth approximately $30,000. PNC Financial Services Group Inc. raised its stake in Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 876 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of Genco Shipping & Trading in the third quarter valued at $35,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Genco Shipping & Trading in the third quarter worth $40,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.