Genco Shipping & Trading (NYSE:GNK) Reaches New 1-Year High – Still a Buy?

Genco Shipping & Trading Limited (NYSE:GNK) shares hit a new 52-week high during trading on Friday . The stock traded as high as $27.76 and last traded at $27.23, with a volume of 182723 shares. The stock had previously closed at $26.09.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GNK shares. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $29.00 price objective on shares of Genco Shipping & Trading in a report on Friday, May 8th. Zacks Research cut shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $26.00.

Genco Shipping & Trading Trading Up 2.4%

The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 29.35, a P/E/G ratio of 3.03 and a beta of 0.94. The firm’s 50-day moving average is $25.00 and its 200-day moving average is $23.90. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.05. The business had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $90.59 million. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The business’s revenue for the quarter was up 68.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.16) EPS. As a group, sell-side analysts anticipate that Genco Shipping & Trading Limited will post 2.25 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 17th will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 12.0%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Monday, August 17th. Genco Shipping & Trading’s payout ratio is 351.65%.

Hedge Funds Weigh In On Genco Shipping & Trading

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC grew its stake in shares of Genco Shipping & Trading by 100.3% in the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock valued at $10,013,000 after purchasing an additional 272,094 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Genco Shipping & Trading by 364.8% during the 1st quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company’s stock valued at $6,938,000 after acquiring an additional 241,471 shares in the last quarter. First Trust Advisors LP boosted its holdings in Genco Shipping & Trading by 705.9% in the third quarter. First Trust Advisors LP now owns 133,631 shares of the shipping company’s stock valued at $2,379,000 after purchasing an additional 117,049 shares during the last quarter. Hsbc Holdings PLC bought a new stake in Genco Shipping & Trading during the first quarter valued at $2,552,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Genco Shipping & Trading by 56.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after purchasing an additional 102,868 shares during the period. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

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.