Genco Shipping & Trading Limited (NYSE:GNK) Given Average Rating of “Hold” by Analysts

Genco Shipping & Trading Limited (NYSE:GNK) has earned a consensus recommendation of “Hold” from the five analysts that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $23.6667.

A number of research firms recently weighed in on GNK. Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $29.00 price target on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Alliance Global Partners lowered Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday, February 19th. Finally, Zacks Research lowered Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th.

Genco Shipping & Trading Trading Down 2.7%

GNK opened at $24.79 on Friday. The firm’s fifty day moving average is $23.41 and its two-hundred day moving average is $20.84. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.98. The firm has a market cap of $1.08 billion, a PE ratio of 65.24, a price-to-earnings-growth ratio of 3.67 and a beta of 0.97. Genco Shipping & Trading has a twelve month low of $12.66 and a twelve month high of $27.25.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.19. The company had revenue of $114.43 million during the quarter, compared to the consensus estimate of $65.73 million. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The firm’s revenue was up 60.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.28) earnings per share. Equities research analysts anticipate that Genco Shipping & Trading will post 1.81 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Monday, May 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 526.32%.

Insider Activity

In other news, CAO Joseph Adamo sold 6,340 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.67, for a total value of $150,067.80. Following the completion of the transaction, the chief accounting officer owned 38,519 shares of the company’s stock, valued at $911,744.73. This trade represents a 14.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jesper Christensen sold 18,450 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $436,527.00. Following the completion of the sale, the insider owned 98,299 shares of the company’s stock, valued at $2,325,754.34. This trade represents a 15.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 55,824 shares of company stock valued at $1,313,949 in the last quarter. Company insiders own 2.37% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE raised its position in shares of Genco Shipping & Trading by 2.3% in 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 in the last quarter. Invesco Ltd. raised its position in shares of Genco Shipping & Trading by 0.8% in the 4th quarter. Invesco Ltd. now owns 125,535 shares of the shipping company’s stock valued at $2,314,000 after buying an additional 935 shares in the last quarter. Blue Trust Inc. raised its position in shares of Genco Shipping & Trading by 230.1% in the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock valued at $30,000 after buying an additional 939 shares in the last quarter. CWM LLC raised its position in shares of Genco Shipping & Trading by 61.4% in the 3rd quarter. CWM LLC now owns 2,843 shares of the shipping company’s stock valued at $51,000 after buying an additional 1,082 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Genco Shipping & Trading by 58.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,073 shares of the shipping company’s stock valued at $55,000 after buying an additional 1,131 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

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.