Genco Shipping & Trading (NYSE:GNK) Downgraded by Zacks Research to Hold

Zacks Research lowered shares of Genco Shipping & Trading (NYSE:GNK) from a strong-buy rating to a hold rating in a research note published on Wednesday,Zacks.com reports.

Other research analysts have also issued reports about the stock. Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday. Finally, 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. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $26.00.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $26.02 on Wednesday. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 28.59, a PEG ratio of 3.03 and a beta of 0.94. The company has a quick ratio of 2.41, a current ratio of 2.97 and a debt-to-equity ratio of 0.36. The business’s 50 day moving average is $25.00 and its two-hundred day moving average is $23.90. Genco Shipping & Trading has a 52-week low of $15.55 and a 52-week high of $27.25.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. The business had revenue of $136.41 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 68.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.16) earnings per share. Analysts forecast that Genco Shipping & Trading will post 2.25 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 17th will be paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 12.3%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date is Monday, August 17th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 351.65%.

Institutional Trading of Genco Shipping & Trading

A number of institutional investors and hedge funds have recently modified their holdings of GNK. Public Employees Retirement System of Ohio acquired a new position in shares of Genco Shipping & Trading in the 2nd quarter valued at about $35,000. Bank of America Corp DE raised its stake 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 acquiring an additional 12,319 shares during the period. Empowered Funds LLC lifted its holdings in Genco Shipping & Trading by 12.4% in the first quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company’s stock worth $5,113,000 after acquiring an additional 25,002 shares during the last quarter. Quantinno Capital Management LP boosted its stake in Genco Shipping & Trading by 104.8% in the first quarter. Quantinno Capital Management LP now owns 56,860 shares of the shipping company’s stock valued at $1,282,000 after acquiring an additional 29,098 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Genco Shipping & Trading by 56.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after acquiring an additional 102,868 shares during the period. 58.62% of the stock is owned by institutional investors and hedge funds.

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.