Shares of Genco Shipping & Trading Limited (NYSE:GNK – Get Free Report) have been assigned a consensus rating of “Hold” from the six research firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $29.00.
Several brokerages recently issued reports on GNK. B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a research report on Friday, August 7th. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Zacks Research cut Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a research report on Monday, October 5th. BTIG Research reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Friday, September 18th. Finally, Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, September 29th.
Get Our Latest Stock Report on GNK
Genco Shipping & Trading Trading Down 0.1%
Genco Shipping & Trading (NYSE:GNK – Get Free Report) last announced its earnings results on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The business had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $90.59 million. During the same period in the prior year, the company earned ($0.16) earnings per share. The business’s revenue was up 68.5% compared to the same quarter last year. Analysts expect that Genco Shipping & Trading will post 2.22 earnings per share for the current year.
Genco Shipping & Trading Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 17th were paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 12.1%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, August 17th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 351.65%.
Institutional Investors Weigh In On Genco Shipping & Trading
Several hedge funds have recently modified their holdings of GNK. XY Capital Ltd acquired a new stake in shares of Genco Shipping & Trading in the 4th quarter worth $425,000. Hsbc Holdings PLC purchased a new stake in shares of Genco Shipping & Trading in the first quarter valued at about $2,552,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Genco Shipping & Trading by 56.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after acquiring an additional 102,868 shares in the last quarter. Quantinno Capital Management LP increased its stake in shares of Genco Shipping & Trading by 104.8% during the first quarter. Quantinno Capital Management LP now owns 56,860 shares of the shipping company’s stock worth $1,282,000 after acquiring an additional 29,098 shares during the period. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of Genco Shipping & Trading during the first quarter worth about $560,000. 58.62% of the stock is owned by institutional investors and hedge funds.
About Genco Shipping & Trading
Genco Shipping & Trading Limited is a drybulk shipping company that owns and operates ocean-going vessels used to transport commodities worldwide. Its fleet serves the global seaborne trade in major and minor drybulk cargoes, including iron ore, coal, grain, steel products and other raw materials.
The company operates vessels across several drybulk segments, including Capesize, Ultramax, Supramax and Handysize ships. Genco provides transportation services to commodity producers, traders and industrial customers, with voyages covering major international trade routes and ports.
Founded in 2004 and headquartered in New York City, Genco became a publicly traded company in 2005.
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