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

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have earned a consensus rating of “Moderate Buy” from the five analysts that are covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $23.6667.

A number of equities analysts have recently commented on the company. Zacks Research upgraded Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $29.00 target price on shares of Genco Shipping & Trading in a report on Friday, May 8th. Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Finally, Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th.

Genco Shipping & Trading Trading Down 0.1%

GNK stock opened at $26.75 on Wednesday. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 70.40, a PEG ratio of 3.28 and a beta of 0.93. The company has a quick ratio of 2.41, a current ratio of 2.98 and a debt-to-equity ratio of 0.36. The business has a fifty day simple moving average of $24.35 and a 200-day simple moving average of $23.11. Genco Shipping & Trading has a 52 week low of $15.51 and a 52 week high of $27.25.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.19. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The firm had revenue of $114.43 million for the quarter, compared to analysts’ expectations of $65.73 million. During the same quarter last year, the firm earned ($0.28) earnings per share. The firm’s revenue for the quarter was up 60.6% compared to the same quarter last year. On average, equities research analysts expect that Genco Shipping & Trading will post 2.12 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend was Monday, May 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 368.42%.

Hedge Funds Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. increased its holdings in Genco Shipping & Trading by 230.1% in 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 in the last quarter. Strengthening Families & Communities LLC acquired a new position in shares of Genco Shipping & Trading during the fourth quarter worth about $31,000. Advisory Services Network LLC purchased a new stake in shares of Genco Shipping & Trading in the third quarter worth about $30,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Genco Shipping & Trading in the fourth quarter worth about $32,000. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Genco Shipping & Trading in the third quarter valued at about $35,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

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.