Genco Shipping & Trading Limited (NYSE:GNK – Get Free Report) shares saw strong trading volume on Tuesday . 1,672,795 shares changed hands during mid-day trading, an increase of 305% from the previous session’s volume of 413,420 shares.The stock last traded at $26.6550 and had previously closed at $27.65.
Wall Street Analyst Weigh In
A number of analysts recently commented on the stock. Zacks Research downgraded shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, September 2nd. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Genco Shipping & Trading has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.
Get Our Latest Research Report 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. The business had revenue of $136.41 million for the quarter, compared to analyst estimates of $90.59 million. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The firm’s revenue was up 68.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.16) earnings per share. On average, sell-side analysts forecast that Genco Shipping & Trading Limited will post 2.25 EPS for the current year.
Genco Shipping & Trading Increases Dividend
The company also recently disclosed 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 annualized dividend and a yield of 12.0%. The ex-dividend date was Monday, August 17th. This is a positive change 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
A number of hedge funds have recently modified their holdings of GNK. Royal Bank of Canada grew its holdings in shares of Genco Shipping & Trading by 68.2% during the first quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company’s stock valued at $725,000 after buying an additional 22,007 shares in the last quarter. Amundi boosted its position in Genco Shipping & Trading by 29.0% during the 1st quarter. Amundi now owns 8,000 shares of the shipping company’s stock worth $101,000 after acquiring an additional 1,800 shares during the period. AQR Capital Management LLC boosted its position in Genco Shipping & Trading by 49.3% during the 1st quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after acquiring an additional 97,766 shares during the period. Dynamic Technology Lab Private Ltd boosted its position in Genco Shipping & Trading by 59.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company’s stock worth $238,000 after acquiring an additional 6,660 shares during the period. Finally, Cetera Investment Advisers grew its stake in Genco Shipping & Trading by 15.7% during the 2nd quarter. Cetera Investment Advisers now owns 19,983 shares of the shipping company’s stock valued at $261,000 after acquiring an additional 2,715 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.
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.
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