Genco Shipping & Trading Limited (NYSE:GNK) Stock Has Average Price Target of $29.00 According to Brokerages

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been assigned an average recommendation of “Hold” from the six brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $29.00.

Several analysts have issued reports on the stock. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. BTIG Research restated a “neutral” rating on shares of Genco Shipping & Trading in a report on Friday, September 18th. Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, September 29th. Zacks Research lowered shares of Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a report on Monday, October 5th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th.

Genco Shipping & Trading Stock Down 4.8%

Genco Shipping & Trading stock opened at $26.47 on Monday. Genco Shipping & Trading has a fifty-two week low of $15.55 and a fifty-two week high of $28.42. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 29.09, a price-to-earnings-growth ratio of 3.25 and a beta of 0.96. The stock’s fifty day moving average is $26.57 and its two-hundred day moving average is $25.07. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.97.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 EPS 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 business had revenue of $136.41 million for the quarter, compared to analyst estimates of $90.59 million. During the same period in the previous year, the firm earned ($0.16) EPS. The business’s revenue for the quarter was up 68.5% compared to the same quarter last year. Analysts predict that Genco Shipping & Trading will post 2.22 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 12.1%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, August 17th. Genco Shipping & Trading’s dividend payout ratio is presently 351.65%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several large investors have recently made changes to their positions in GNK. Farther Finance Advisors LLC raised its position in Genco Shipping & Trading by 77.0% in the third quarter. Farther Finance Advisors LLC now owns 3,012 shares of the shipping company’s stock valued at $79,000 after purchasing an additional 1,310 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Genco Shipping & Trading in the second quarter valued at about $446,000. Raiffeisen Bank International AG grew its stake in shares of 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 in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Genco Shipping & Trading during the 2nd quarter valued at about $35,000. Finally, Bank of America Corp DE raised its holdings in shares of Genco Shipping & Trading by 33.2% during the 1st quarter. Bank of America Corp DE now owns 49,457 shares of the shipping company’s stock valued at $1,115,000 after buying an additional 12,319 shares during the period. Institutional investors and hedge funds own 58.62% of the company’s stock.

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.