Genco Shipping & Trading Limited (NYSE:GNK) Given Average Recommendation of “Hold” by Analysts

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been assigned an average rating of “Hold” from the five research firms that are currently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $23.6667.

A number of equities analysts recently issued reports on GNK shares. Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $29.00 price target on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Finally, Zacks Research cut shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of hedge funds have recently bought and sold shares of GNK. Bank of America Corp DE increased its position in shares of 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 valued at $622,000 after purchasing an additional 779 shares during the last quarter. Invesco Ltd. increased 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 valued at $2,314,000 after purchasing an additional 935 shares during the last quarter. Blue Trust Inc. increased 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 valued at $30,000 after purchasing an additional 939 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Genco Shipping & Trading by 58.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,073 shares of the shipping company’s stock valued at $55,000 after purchasing an additional 1,131 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of Genco Shipping & Trading by 3.3% during the 3rd quarter. Legal & General Group Plc now owns 43,605 shares of the shipping company’s stock valued at $776,000 after purchasing an additional 1,381 shares during the last quarter. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $23.49 on Friday. Genco Shipping & Trading has a 12 month low of $12.91 and a 12 month high of $27.25. The stock has a market cap of $1.02 billion, a PE ratio of 61.81, a price-to-earnings-growth ratio of 3.38 and a beta of 0.95. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The company’s fifty day moving average price is $24.17 and its 200-day moving average price is $22.15.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, May 6th. The shipping company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $114.43 million for the quarter, compared to analysts’ expectations of $65.73 million. During the same quarter in the previous year, the business posted ($0.28) EPS. The company’s quarterly revenue was up 60.6% on a year-over-year basis. On average, equities analysts expect that Genco Shipping & Trading will post 1.81 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 18th were paid a $0.35 dividend. The ex-dividend date was Monday, May 18th. This represents a $1.40 dividend on an annualized basis and a yield of 6.0%. Genco Shipping & Trading’s payout ratio is presently 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.