Brokerages Set Genco Shipping & Trading Limited (NYSE:GNK) Target Price at $23.67

Genco Shipping & Trading Limited (NYSE:GNK) has received an average rating of “Moderate Buy” from the five research firms that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $23.6667.

Several equities analysts have recently issued reports on the company. Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research note 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 Friday, May 8th. Zacks Research upgraded Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $29.00 target price on shares of Genco Shipping & Trading in a research note on Friday, May 8th.

Institutional Trading of Genco Shipping & Trading

Hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its stake in shares of Genco Shipping & Trading by 230.1% during the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock worth $30,000 after buying an additional 939 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at $30,000. Strengthening Families & Communities LLC acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at $31,000. Kemnay Advisory Services Inc. bought a new stake in Genco Shipping & Trading during the 4th quarter worth $32,000. Finally, Sunbelt Securities Inc. bought a new stake in Genco Shipping & Trading during the 3rd quarter worth $35,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

NYSE GNK opened at $25.42 on Wednesday. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 66.90, a P/E/G ratio of 3.08 and a beta of 0.93. The firm’s 50 day simple moving average is $24.40 and its 200 day simple moving average is $23.20. Genco Shipping & Trading has a 1 year low of $15.51 and a 1 year high of $27.25.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.07 by $0.19. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The business had revenue of $114.43 million during the quarter, compared to the consensus estimate of $65.73 million. During the same period in the previous year, the business earned ($0.28) earnings per share. The company’s revenue was up 60.6% on a year-over-year basis. As a group, research analysts expect that Genco Shipping & Trading will post 2.12 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 18th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date was Monday, May 18th. Genco Shipping & Trading’s dividend payout ratio is currently 368.42%.

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.