Genco Shipping & Trading (NYSE:GNK) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of Genco Shipping & Trading (NYSE:GNK) from a hold rating to a buy rating in a research note released on Monday.

Several other research analysts have also recently weighed in on GNK. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective on the stock. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Stock Up 1.5 %

Shares of NYSE GNK opened at $15.26 on Monday. Genco Shipping & Trading has a 52-week low of $14.28 and a 52-week high of $23.43. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The stock has a market cap of $652.30 million, a P/E ratio of 9.72, a P/E/G ratio of 0.24 and a beta of 0.96. The firm has a 50 day moving average price of $16.85 and a 200 day moving average price of $18.55.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting the consensus estimate of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business had revenue of $99.33 million for the quarter, compared to analysts’ expectations of $72.02 million. During the same quarter in the previous year, the business posted ($0.09) EPS. Genco Shipping & Trading’s revenue for the quarter was up 19.2% on a year-over-year basis. Analysts expect that Genco Shipping & Trading will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 10.49%. The ex-dividend date of this dividend was Monday, November 18th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio is presently 101.91%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. CWM LLC increased its holdings in shares of Genco Shipping & Trading by 109.5% during the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after acquiring an additional 998 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Genco Shipping & Trading in the second quarter valued at $82,000. Quarry LP raised its position in shares of Genco Shipping & Trading by 535.8% in the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after purchasing an additional 3,595 shares during the period. nVerses Capital LLC acquired a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth about $136,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth about $178,000. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

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