Genco Shipping & Trading Limited (NYSE:GNK) Receives Consensus Rating of “Buy” from Analysts

Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) has been assigned an average rating of “Buy” from the nine analysts that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $42.00.

A number of research firms have commented on GNK. Zacks Investment Research upgraded Genco Shipping & Trading from a “strong sell” rating to a “hold” rating and set a $22.00 price target on the stock in a research note on Monday, February 28th. Jefferies Financial Group increased their price target on shares of Genco Shipping & Trading from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, February 24th. StockNews.com initiated coverage on shares of Genco Shipping & Trading in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Finally, TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Wednesday, February 2nd.

In related news, CEO John C. Wobensmith sold 25,000 shares of the business’s stock in a transaction on Tuesday, March 8th. The shares were sold at an average price of $21.44, for a total value of $536,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert E. Hughes sold 1,345 shares of the business’s stock in a transaction on Wednesday, February 23rd. The shares were sold at an average price of $19.73, for a total transaction of $26,536.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 82,292 shares of company stock worth $1,696,480. Insiders own 2.07% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Raymond James & Associates acquired a new stake in Genco Shipping & Trading during the 3rd quarter worth $427,000. Moors & Cabot Inc. increased its position in Genco Shipping & Trading by 89.2% in the 3rd quarter. Moors & Cabot Inc. now owns 44,454 shares of the shipping company’s stock valued at $474,000 after acquiring an additional 20,954 shares during the period. Los Angeles Capital Management LLC lifted its holdings in shares of Genco Shipping & Trading by 6.8% during the third quarter. Los Angeles Capital Management LLC now owns 17,659 shares of the shipping company’s stock worth $355,000 after purchasing an additional 1,130 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of Genco Shipping & Trading by 98.2% during the third quarter. Meeder Asset Management Inc. now owns 8,995 shares of the shipping company’s stock worth $180,000 after purchasing an additional 4,457 shares during the period. Finally, USA Financial Portformulas Corp acquired a new stake in shares of Genco Shipping & Trading during the third quarter worth $63,000. Hedge funds and other institutional investors own 73.75% of the company’s stock.

NYSE GNK traded up $1.00 during trading hours on Tuesday, reaching $25.64. The company had a trading volume of 24,283 shares, compared to its average volume of 994,886. The company has a debt-to-equity ratio of 0.26, a current ratio of 4.17 and a quick ratio of 3.59. The company has a market capitalization of $1.08 billion, a PE ratio of 6.02 and a beta of 0.85. The firm has a 50-day moving average price of $20.99. Genco Shipping & Trading has a 1-year low of $11.97 and a 1-year high of $25.89.

Genco Shipping & Trading (NYSE:GNK – Get Rating) last released its quarterly earnings results on Thursday, February 24th. The shipping company reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.10. The business had revenue of $146.67 million for the quarter, compared to the consensus estimate of $129.28 million. Genco Shipping & Trading had a net margin of 33.27% and a return on equity of 22.19%. During the same period in the previous year, the firm earned $0.22 EPS. As a group, research analysts forecast that Genco Shipping & Trading will post 4.22 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 17th. Shareholders of record on Thursday, March 10th were given a $0.67 dividend. The ex-dividend date was Wednesday, March 9th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.68 dividend on an annualized basis and a dividend yield of 10.45%. Genco Shipping & Trading’s dividend payout ratio is currently 62.76%.

Genco Shipping & Trading Company Profile (Get Rating)

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

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