Genco Shipping & Trading Limited (NYSE:GNK) Given Average Recommendation of “Moderate Buy” by Brokerages

Genco Shipping & Trading Limited (NYSE:GNK) has earned a consensus recommendation of “Moderate Buy” from the five analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $26.75.

A number of equities research analysts recently issued reports on the stock. B. Riley boosted their target price on shares of Genco Shipping & Trading from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, May 10th. Jefferies Financial Group boosted their target price on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Alliance Global Partners boosted their target price on shares of Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a report on Monday, July 1st. Stifel Nicolaus boosted their target price on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, April 19th. Finally, StockNews.com upgraded shares of Genco Shipping & Trading from a “sell” rating to a “hold” rating in a report on Friday, May 10th.

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK opened at $19.22 on Wednesday. The company has a market cap of $821.85 million, a PE ratio of 320.33 and a beta of 0.96. Genco Shipping & Trading has a 12 month low of $12.65 and a 12 month high of $23.43. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.72 and a quick ratio of 2.94. The company has a 50-day simple moving average of $21.16 and a 200-day simple moving average of $20.34.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $117.44 million during the quarter, compared to the consensus estimate of $77.31 million. Genco Shipping & Trading had a net margin of 0.81% and a return on equity of 5.15%. The company’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.06 earnings per share. On average, equities analysts anticipate that Genco Shipping & Trading will post 2.27 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Wednesday, May 22nd were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 8.74%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Tuesday, May 21st. Genco Shipping & Trading’s payout ratio is 2,800.00%.

Insider Buying and Selling at Genco Shipping & Trading

In other Genco Shipping & Trading news, Director Arthur L. Regan sold 1,400 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $22.86, for a total transaction of $32,004.00. Following the transaction, the director now directly owns 104,414 shares of the company’s stock, valued at $2,386,904.04. The sale was disclosed in a filing with the SEC, which is available at this link. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Genco Shipping & Trading by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,714,503 shares of the shipping company’s stock valued at $45,033,000 after purchasing an additional 30,203 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Genco Shipping & Trading by 6,233.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock worth $24,395,000 after purchasing an additional 1,181,000 shares during the period. Vanguard Group Inc. raised its holdings in shares of Genco Shipping & Trading by 4.3% during the first quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock worth $23,326,000 after purchasing an additional 47,060 shares during the period. Townsend & Associates Inc raised its holdings in shares of Genco Shipping & Trading by 0.8% during the first quarter. Townsend & Associates Inc now owns 1,012,860 shares of the shipping company’s stock worth $21,392,000 after purchasing an additional 8,434 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Genco Shipping & Trading by 22.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 323,687 shares of the shipping company’s stock worth $5,370,000 after purchasing an additional 58,917 shares during the period. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.