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

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have earned an average recommendation of “Buy” from the six research firms that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $21.00.

Several equities research analysts have commented on GNK shares. Alliance Global Partners lowered Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday, February 19th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 29th. Wall Street Zen cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Finally, Zacks Research raised shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 17th.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $19.75 on Monday. The stock has a market cap of $855.53 million, a PE ratio of -179.52, a price-to-earnings-growth ratio of 4.52 and a beta of 1.14. Genco Shipping & Trading has a 52-week low of $11.20 and a 52-week high of $24.81. The business has a 50-day simple moving average of $21.21 and a 200-day simple moving average of $18.95. The company has a quick ratio of 1.84, a current ratio of 2.39 and a debt-to-equity ratio of 0.21.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.35 by $0.04. The firm had revenue of $109.92 million for the quarter, compared to analyst estimates of $78.52 million. Genco Shipping & Trading had a negative return on equity of 0.12% and a negative net margin of 1.28%.Genco Shipping & Trading’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the company earned $0.29 earnings per share. On average, equities analysts expect that Genco Shipping & Trading will post 0.48 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 11th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 10.1%. The ex-dividend date of this dividend is Wednesday, March 11th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio is currently -1,818.18%.

Insider Activity

In other news, CFO Peter George Allen sold 13,315 shares of the firm’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $315,032.90. Following the sale, the chief financial officer directly owned 66,702 shares in the company, valued at $1,578,169.32. This trade represents a 16.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jesper Christensen sold 18,450 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $23.66, for a total value of $436,527.00. Following the completion of the transaction, the insider directly owned 98,299 shares of the company’s stock, valued at $2,325,754.34. The trade was a 15.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 55,824 shares of company stock worth $1,313,949 in the last ninety days. Company insiders own 2.08% of the company’s stock.

Institutional Trading of Genco Shipping & Trading

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC raised its stake in shares of Genco Shipping & Trading by 100.3% during the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after buying an additional 272,094 shares during the period. Citigroup Inc. grew its stake in Genco Shipping & Trading by 727.6% in the 3rd quarter. Citigroup Inc. now owns 215,412 shares of the shipping company’s stock valued at $3,834,000 after acquiring an additional 189,383 shares during the period. First Trust Advisors LP increased its holdings in Genco Shipping & Trading by 705.9% in the 3rd quarter. First Trust Advisors LP now owns 133,631 shares of the shipping company’s stock worth $2,379,000 after acquiring an additional 117,049 shares in the last quarter. Credit Agricole S A purchased a new stake in Genco Shipping & Trading in the 3rd quarter worth $1,801,000. Finally, AQR Capital Management LLC raised its position in Genco Shipping & Trading by 49.3% during 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 during the period. 58.62% of the stock is currently 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.