Genco Shipping & Trading Limited (NYSE:GNK – Get Free Report)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $27.96 and last traded at $27.8510, with a volume of 301826 shares trading hands. The stock had previously closed at $27.00.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the company. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, September 2nd. Zacks Research cut Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Genco Shipping & Trading in a research report on Friday, August 7th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $26.00.
Read Our Latest Analysis on GNK
Genco Shipping & Trading Stock Performance
Genco Shipping & Trading (NYSE:GNK – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.60 by $0.05. The company had revenue of $136.41 million during the quarter, compared to analyst estimates of $90.59 million. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The firm’s revenue was up 68.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.16) earnings per share. As a group, sell-side analysts forecast that Genco Shipping & Trading Limited will post 2.25 earnings per share for the current year.
Genco Shipping & Trading Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 17th were given a dividend of $0.80 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.20 annualized dividend and a dividend yield of 11.4%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35. Genco Shipping & Trading’s dividend payout ratio is presently 351.65%.
Institutional Trading of Genco Shipping & Trading
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC increased its position in Genco Shipping & Trading by 364.8% during the first quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company’s stock valued at $6,938,000 after acquiring an additional 241,471 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Genco Shipping & Trading by 56.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock worth $6,462,000 after acquiring an additional 102,868 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Genco Shipping & Trading by 12.4% in the 1st 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. First Trust Advisors LP boosted its stake in shares of Genco Shipping & Trading by 2.1% during the 1st quarter. First Trust Advisors LP now owns 135,166 shares of the shipping company’s stock worth $3,048,000 after purchasing an additional 2,820 shares during the period. Finally, UBS Group AG boosted its stake in shares of Genco Shipping & Trading by 33.3% during the 4th quarter. UBS Group AG now owns 153,263 shares of the shipping company’s stock worth $2,825,000 after purchasing an additional 38,310 shares during the period. Hedge funds and other institutional investors own 58.62% of the company’s stock.
About Genco Shipping & Trading
Genco Shipping & Trading Limited (NYSE: GNK) is a global drybulk shipping company that owns and operates vessels used to transport essential commodities. Its cargoes include iron ore, coal, grain and other raw materials that support industrial and agricultural supply chains.
The company operates a diversified fleet of large Capesize vessels and smaller Ultramax and Supramax vessels. This range of ship sizes enables Genco to serve different cargo requirements and trade routes across major international markets, including the Atlantic and Pacific basins.
Founded in 1997 and headquartered in New York City, Genco manages its fleet through a combination of in-house commercial and technical capabilities.
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