Genco Shipping & Trading (NYSE:GNK) Stock Rating Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Genco Shipping & Trading (NYSE:GNK) from a hold rating to a strong sell rating in a research report released on Monday morning,Zacks reports.

A number of other equities research analysts also recently weighed in on the company. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, September 29th. BTIG Research reiterated a “neutral” rating on shares of Genco Shipping & Trading in a report on Friday, September 18th. B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Finally, Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Genco Shipping & Trading presently has a consensus rating of “Hold” and a consensus price target of $29.00.

Genco Shipping & Trading Price Performance

Shares of GNK stock opened at $27.32 on Monday. Genco Shipping & Trading has a 1 year low of $15.55 and a 1 year high of $28.42. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The firm’s 50 day moving average is $26.47 and its 200-day moving average is $24.98. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 3.23 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.05. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The firm had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $90.59 million. During the same quarter in the previous year, the company posted ($0.16) EPS. Genco Shipping & Trading’s revenue was up 68.5% on a year-over-year basis. Sell-side analysts forecast that Genco Shipping & Trading will post 2.22 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 17th were given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 11.7%. The ex-dividend date was Monday, August 17th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.35. Genco Shipping & Trading’s dividend payout ratio is presently 351.65%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC acquired a new stake in shares of Genco Shipping & Trading during the second quarter worth $446,000. Raiffeisen Bank International AG lifted its stake in Genco Shipping & Trading by 22.6% in the second quarter. Raiffeisen Bank International AG now owns 65,019 shares of the shipping company’s stock valued at $1,611,000 after buying an additional 11,984 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Genco Shipping & Trading in the second quarter valued at about $35,000. Bank of America Corp DE boosted its holdings in Genco Shipping & Trading by 33.2% during the first quarter. Bank of America Corp DE now owns 49,457 shares of the shipping company’s stock worth $1,115,000 after buying an additional 12,319 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in Genco Shipping & Trading by 12.4% during the first quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company’s stock worth $5,113,000 after buying an additional 25,002 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a drybulk shipping company that owns and operates ocean-going vessels used to transport commodities worldwide. Its fleet serves the global seaborne trade in major and minor drybulk cargoes, including iron ore, coal, grain, steel products and other raw materials.

The company operates vessels across several drybulk segments, including Capesize, Ultramax, Supramax and Handysize ships. Genco provides transportation services to commodity producers, traders and industrial customers, with voyages covering major international trade routes and ports.

Founded in 2004 and headquartered in New York City, Genco became a publicly traded company in 2005.