Genco Shipping & Trading (NYSE:GNK) Lowered to Hold Rating by StockNews.com

StockNews.com cut shares of Genco Shipping & Trading (NYSE:GNK) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

GNK has been the topic of several other reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective on the stock. Jefferies Financial Group restated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Finally, Stifel Nicolaus downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their target price for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading Stock Down 4.0 %

GNK stock opened at $14.03 on Tuesday. Genco Shipping & Trading has a twelve month low of $13.91 and a twelve month high of $23.43. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The business has a 50 day moving average price of $16.47 and a two-hundred day moving average price of $18.30. The company has a market cap of $599.89 million, a price-to-earnings ratio of 8.91, a P/E/G ratio of 0.24 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.41. The company had revenue of $99.33 million during the quarter, compared to analysts’ expectations of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business’s revenue was up 19.2% on a year-over-year basis. During the same period last year, the firm posted ($0.09) earnings per share. Analysts anticipate that Genco Shipping & Trading will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, November 18th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a yield of 11.40%. Genco Shipping & Trading’s payout ratio is currently 101.91%.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently made changes to their positions in GNK. CWM LLC raised its holdings in shares of Genco Shipping & Trading by 109.5% during the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after buying an additional 998 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Genco Shipping & Trading during the second quarter worth $82,000. Quarry LP lifted its stake in shares of Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after acquiring an additional 3,595 shares during the last quarter. nVerses Capital LLC bought a new stake in Genco Shipping & Trading during the 2nd quarter worth $136,000. Finally, Point72 DIFC Ltd acquired a new position in Genco Shipping & Trading in the 2nd quarter worth about $178,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.