Genco Shipping & Trading (NYSE:GNK) Hits New 12-Month High – Should You Buy?

Shares of Genco Shipping & Trading Limited (NYSE:GNK) reached a new 52-week high during trading on Thursday . The stock traded as high as $19.82 and last traded at $19.7750, with a volume of 254058 shares changing hands. The stock had previously closed at $19.60.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. SEB Equity Research set a $23.00 price objective on shares of Genco Shipping & Trading in a research report on Friday, September 26th. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $21.00.

Genco Shipping & Trading Stock Down 2.6%

The firm has a fifty day moving average price of $18.54 and a 200 day moving average price of $17.22. The firm has a market capitalization of $837.56 million, a price-to-earnings ratio of -113.94 and a beta of 1.19. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.98 and a current ratio of 2.36.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, November 5th. The shipping company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $79.92 million for the quarter, compared to analyst estimates of $65.06 million. Genco Shipping & Trading had a negative net margin of 2.14% and a negative return on equity of 0.62%. The business’s revenue was down 19.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 EPS. As a group, sell-side analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Monday, November 17th were given a $0.15 dividend. The ex-dividend date was Monday, November 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.1%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -352.94%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. increased its holdings in Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 876 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in Genco Shipping & Trading in the 3rd quarter valued at approximately $30,000. Advisory Services Network LLC acquired a new stake in Genco Shipping & Trading during the 3rd quarter valued at $30,000. Signaturefd LLC increased its position in Genco Shipping & Trading by 239.0% during the second quarter. Signaturefd LLC now owns 2,549 shares of the shipping company’s stock worth $33,000 after buying an additional 1,797 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in shares of Genco Shipping & Trading in the third quarter worth $35,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

About Genco Shipping & Trading

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.