BTIG Research reaffirmed their neutral rating on shares of Genco Shipping & Trading (NYSE:GNK – Free Report) in a report issued on Friday,Benzinga reports.
Several other brokerages have also recently weighed in on GNK. Weiss Ratings cut Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Finally, Zacks Research downgraded shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Genco Shipping & Trading currently has an average rating of “Hold” and a consensus target price of $26.00.
Check Out Our Latest Report on Genco Shipping & Trading
Genco Shipping & Trading Trading Down 0.1%
Genco Shipping & Trading (NYSE:GNK – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. The company had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $90.59 million. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The business’s revenue was up 68.5% on a year-over-year basis. During the same period last year, the firm posted ($0.16) earnings per share. As a group, equities analysts anticipate that Genco Shipping & Trading will post 2.25 earnings per share for the current fiscal year.
Genco Shipping & Trading Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 17th were paid a $0.80 dividend. The ex-dividend date was Monday, August 17th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.35. This represents a $3.20 annualized dividend and a dividend yield of 11.5%. Genco Shipping & Trading’s dividend payout ratio is 351.65%.
Institutional Trading of Genco Shipping & Trading
Several hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC acquired a new position in Genco Shipping & Trading during the 2nd quarter worth approximately $446,000. Raiffeisen Bank International AG increased its holdings 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 worth $1,611,000 after purchasing an additional 11,984 shares during the period. Public Employees Retirement System of Ohio bought a new position in Genco Shipping & Trading during the second quarter valued at approximately $35,000. Bank of America Corp DE increased its stake in shares of 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 valued at $1,115,000 after buying an additional 12,319 shares during the period. Finally, Empowered Funds LLC increased its stake in shares of Genco Shipping & Trading by 12.4% during the first quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company’s stock valued at $5,113,000 after purchasing an additional 25,002 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.
Genco Shipping & Trading Company Profile
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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