Genco Shipping & Trading (NYSE:GNK) Stock Bumped Up to Hold by Wall Street Zen

Wall Street Zen upgraded shares of Genco Shipping & Trading (NYSE:GNK) to a hold rating in a report issued on Saturday morning,Wall Street Zen reports.

A number of other analysts also recently issued reports on the stock. B. Riley Financial reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Weiss Ratings lowered shares of Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, October 26th. BTIG Research dropped coverage on shares of Genco Shipping & Trading in a report on Friday, September 18th. They issued a “neutral” rating on the stock. Finally, Zacks Research cut shares of Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a report on Monday, October 5th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $29.00.

Genco Shipping & Trading Trading Up 3.0%

Genco Shipping & Trading stock opened at $26.03 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.58 and a quick ratio of 2.41. Genco Shipping & Trading has a one year low of $16.42 and a one year high of $28.42. The stock has a market capitalization of $1.13 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 3.04 and a beta of 1.08. The business’s fifty day moving average is $26.34 and its 200 day moving average is $24.44.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 4th. The shipping company reported $0.88 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.01). Genco Shipping & Trading had a return on equity of 10.88% and a net margin of 15.48%. The business had revenue of $151.85 million during the quarter, compared to the consensus estimate of $105.04 million. During the same quarter in the previous year, the business posted ($0.01) earnings per share. Genco Shipping & Trading’s quarterly revenue was up 90.0% compared to the same quarter last year. On average, sell-side analysts predict that Genco Shipping & Trading will post 2.41 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 16th will be issued a $1.05 dividend. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.80. This represents a $4.20 dividend on an annualized basis and a yield of 16.1%. The ex-dividend date of this dividend is Monday, November 16th. Genco Shipping & Trading’s dividend payout ratio is currently 235.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio purchased a new stake in shares of Genco Shipping & Trading during the 2nd quarter valued at about $35,000. Fortitude Family Office LLC boosted its holdings in shares of Genco Shipping & Trading by 697.2% in the third quarter. Fortitude Family Office LLC now owns 2,280 shares of the shipping company’s stock worth $60,000 after buying an additional 1,994 shares during the last quarter. Summit Securities Group LLC purchased a new position in shares of Genco Shipping & Trading in the first quarter worth approximately $63,000. Farther Finance Advisors LLC grew its position in Genco Shipping & Trading by 77.0% during the third quarter. Farther Finance Advisors LLC now owns 3,012 shares of the shipping company’s stock valued at $79,000 after buying an additional 1,310 shares during the period. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in Genco Shipping & Trading during the third quarter valued at approximately $92,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited (NYSE:GNK) is a drybulk shipping company that owns and operates a fleet of oceangoing vessels. The company transports essential commodities, including iron ore, grain, coal and other major and minor bulk cargoes, for customers around the world.

Genco’s fleet includes large Capesize vessels as well as Ultramax, Supramax and Handysize ships. These vessels serve different segments of the drybulk market and support the movement of raw materials used in energy production, agriculture, construction and industrial manufacturing.

Founded in 1997 and headquartered in New York, Genco serves international trade routes across major global commodity markets.