Genco Shipping & Trading Limited (NYSE:GNK) Receives $23.67 Average Target Price from Brokerages

Genco Shipping & Trading Limited (NYSE:GNK) has been assigned an average recommendation of “Moderate Buy” from the five analysts that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $23.6667.

A number of research firms have recently issued reports on GNK. Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $29.00 price objective on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Finally, Weiss Ratings raised Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently added to or reduced their stakes in GNK. Blue Trust Inc. lifted its position in shares of Genco Shipping & Trading by 230.1% during the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock valued at $30,000 after buying an additional 939 shares during the last quarter. Strengthening Families & Communities LLC bought a new stake in shares of Genco Shipping & Trading in the 4th quarter valued at about $31,000. Advisory Services Network LLC purchased a new position in shares of Genco Shipping & Trading in the 3rd quarter worth approximately $30,000. Kemnay Advisory Services Inc. bought a new position in shares of Genco Shipping & Trading during the 4th quarter worth approximately $32,000. Finally, Sunbelt Securities Inc. bought a new position in shares of Genco Shipping & Trading during the 3rd quarter worth approximately $35,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

GNK stock opened at $26.75 on Wednesday. Genco Shipping & Trading has a 1-year low of $15.51 and a 1-year high of $27.25. The business has a 50-day moving average price of $24.35 and a 200 day moving average price of $23.07. The company has a market capitalization of $1.17 billion, a P/E ratio of 70.40, a PEG ratio of 3.16 and a beta of 0.93. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.98 and a quick ratio of 2.41.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.19. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The company had revenue of $114.43 million for the quarter, compared to analysts’ expectations of $65.73 million. During the same period in the prior year, the business earned ($0.28) EPS. The firm’s quarterly revenue was up 60.6% on a year-over-year basis. As a group, equities research analysts forecast that Genco Shipping & Trading will post 2.12 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 18th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date was Monday, May 18th. Genco Shipping & Trading’s dividend payout ratio is 368.42%.

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.