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

Genco Shipping & Trading Limited (NYSE:GNK) has been assigned an average rating of “Moderate Buy” from the five research firms that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $26.00.

A number of brokerages have recently weighed in on GNK. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $29.00 target price on shares of Genco Shipping & Trading in a report on Friday, May 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Genco Shipping & Trading in a research report on Wednesday, August 5th. Finally, Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st.

Genco Shipping & Trading Stock Up 1.3%

Genco Shipping & Trading stock opened at $26.32 on Friday. Genco Shipping & Trading has a fifty-two week low of $15.55 and a fifty-two week high of $27.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.97. The firm has a 50 day moving average price of $24.81 and a 200 day moving average price of $23.72. The company has a market capitalization of $1.15 billion, a PE ratio of 28.92, a price-to-earnings-growth ratio of 3.04 and a beta of 0.94.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The company had revenue of $136.41 million for the quarter, compared to analyst estimates of $90.59 million. During the same quarter in the previous year, the company earned ($0.16) earnings per share. The firm’s quarterly revenue was up 68.5% compared to the same quarter last year. Research analysts expect that Genco Shipping & Trading will post 2.25 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 17th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Monday, August 17th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.35. This represents a $3.20 annualized dividend and a dividend yield of 12.2%. Genco Shipping & Trading’s payout ratio is 153.85%.

Institutional Investors Weigh In On Genco Shipping & Trading

Large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its holdings in Genco Shipping & Trading by 68.2% during the 1st quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company’s stock worth $725,000 after buying an additional 22,007 shares in the last quarter. Amundi boosted its position in Genco Shipping & Trading by 29.0% in the 1st quarter. Amundi now owns 8,000 shares of the shipping company’s stock valued at $101,000 after buying an additional 1,800 shares during the period. AQR Capital Management LLC grew its stake in shares of Genco Shipping & Trading by 49.3% in the first quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after acquiring an additional 97,766 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its stake in shares of Genco Shipping & Trading by 59.5% in the first quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company’s stock worth $238,000 after acquiring an additional 6,660 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in shares of Genco Shipping & Trading by 15.7% during the second quarter. Cetera Investment Advisers now owns 19,983 shares of the shipping company’s stock worth $261,000 after acquiring an additional 2,715 shares during the period. 58.62% of the stock is owned by hedge funds and other institutional investors.

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.