Genco Shipping & Trading (NYSE:GNK) Reaches New 52-Week High – Here’s What Happened

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $27.80 and last traded at $27.7550, with a volume of 30097 shares traded. The stock had previously closed at $27.29.

Analyst Upgrades and Downgrades

Several 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. B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Zacks Research cut Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 19th. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.00 price target on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.00.

Genco Shipping & Trading Stock Up 1.0%

The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 3.12 and a beta of 0.93. The firm’s fifty day simple moving average is $25.53 and its 200 day simple moving average is $24.27.

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

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were paid a dividend of $0.80 per share. The ex-dividend date was Monday, August 17th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35. This represents a $3.20 dividend on an annualized basis and a dividend yield of 11.6%. Genco Shipping & Trading’s payout ratio is presently 351.65%.

Institutional Trading of Genco Shipping & Trading

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its holdings in Genco Shipping & Trading by 2.3% during the 3rd quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock worth $622,000 after buying an additional 779 shares during the last quarter. Invesco Ltd. raised its position in shares of Genco Shipping & Trading by 0.8% during the 4th quarter. Invesco Ltd. now owns 125,535 shares of the shipping company’s stock worth $2,314,000 after acquiring an additional 935 shares in the last quarter. Blue Trust Inc. raised its position in shares of Genco Shipping & Trading by 230.1% during the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock worth $30,000 after acquiring an additional 939 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Genco Shipping & Trading by 58.2% during the third quarter. PNC Financial Services Group Inc. now owns 3,073 shares of the shipping company’s stock worth $55,000 after purchasing an additional 1,131 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Genco Shipping & Trading by 3.3% during the third quarter. Legal & General Group Plc now owns 43,605 shares of the shipping company’s stock worth $776,000 after purchasing an additional 1,381 shares during 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.