Shares of Genco Shipping & Trading Limited (NYSE:GNK – Get Free Report) crossed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $26.59 and traded as low as $25.28. Genco Shipping & Trading shares last traded at $25.7180, with a volume of 514,621 shares.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the company. Weiss Ratings raised Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, September 29th. Zacks Research lowered Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a research note on Monday, October 5th. B. Riley Financial reiterated a “buy” rating on shares of Genco Shipping & Trading in a research report on Friday, August 7th. Finally, BTIG Research reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Friday, September 18th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $29.00.
Check Out Our Latest Stock Report on GNK
Genco Shipping & Trading Trading Down 1.7%
The firm has a market capitalization of $1.07 billion, a PE ratio of 26.94, a price-to-earnings-growth ratio of 3.02 and a beta of 0.96. The stock’s 50-day moving average price is $26.59 and its 200 day moving average price is $25.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.97 and a quick ratio of 2.41.
Genco Shipping & Trading (NYSE:GNK – Get Free Report) last announced 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. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%. The firm had revenue of $136.41 million during the quarter, compared to analyst estimates of $90.59 million. During the same quarter in the previous year, the business earned ($0.16) earnings per share. Genco Shipping & Trading’s quarterly revenue was up 68.5% on a year-over-year basis. On average, sell-side analysts expect that Genco Shipping & Trading Limited will post 2.22 EPS for the current fiscal year.
Genco Shipping & Trading Increases Dividend
The company also recently announced 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 is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.20 dividend on an annualized basis and a yield of 13.1%. Genco Shipping & Trading’s dividend payout ratio is presently 351.65%.
Institutional Investors Weigh In On Genco Shipping & Trading
Several hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC raised its holdings in shares of Genco Shipping & Trading by 364.8% in 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in 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 worth $6,462,000 after acquiring an additional 102,868 shares during the period. Empowered Funds LLC grew its holdings in Genco Shipping & Trading by 12.4% during 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 in the last quarter. First Trust Advisors LP grew its holdings in 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 acquiring an additional 2,820 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new position in Genco Shipping & Trading during the 1st quarter worth about $2,552,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.
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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