Shares of Genco Shipping & Trading Limited (NYSE:GNK – Get Free Report) have been given an average rating of “Hold” by the five brokerages that are covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $23.6667.
A number of analysts have recently issued reports on GNK shares. Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Zacks Research cut shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.00 target price on shares of Genco Shipping & Trading in a report on Friday, May 8th. Finally, Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th.
Check Out Our Latest Analysis on GNK
Genco Shipping & Trading Stock Up 0.3%
Genco Shipping & Trading (NYSE:GNK – Get Free Report) last released its earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.19. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The company had revenue of $114.43 million during the quarter, compared to analyst estimates of $65.73 million. During the same period in the prior year, the firm posted ($0.28) EPS. The firm’s quarterly revenue was up 60.6% compared to the same quarter last year. On average, equities research analysts predict that Genco Shipping & Trading will post 1.81 earnings per share for the current year.
Genco Shipping & Trading Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th were paid a $0.35 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.5%. Genco Shipping & Trading’s dividend payout ratio is 368.42%.
Institutional Trading of Genco Shipping & Trading
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its stake in Genco Shipping & Trading by 68.2% in the 1st quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company’s stock worth $725,000 after purchasing an additional 22,007 shares during the period. Amundi raised its position in shares of Genco Shipping & Trading by 29.0% during the first quarter. Amundi now owns 8,000 shares of the shipping company’s stock valued at $101,000 after buying an additional 1,800 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Genco Shipping & Trading by 49.3% during the first quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock valued at $3,957,000 after buying an additional 97,766 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Genco Shipping & Trading by 59.5% in the first quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company’s stock worth $238,000 after buying an additional 6,660 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in shares of Genco Shipping & Trading by 15.7% in the second quarter. Cetera Investment Advisers now owns 19,983 shares of the shipping company’s stock worth $261,000 after buying an additional 2,715 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.
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.
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