Genco Shipping & Trading Limited (NYSE:GNK) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Genco Shipping & Trading Limited (NYSE:GNKGet Rating) have received an average rating of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $29.00.

A number of analysts have issued reports on GNK shares. Jefferies Financial Group started coverage on shares of Genco Shipping & Trading in a report on Wednesday, April 27th. They issued a “buy” rating on the stock. B. Riley lifted their price target on shares of Genco Shipping & Trading from $27.00 to $31.00 in a report on Friday, May 6th. TheStreet upgraded shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Wednesday, February 2nd. Zacks Investment Research downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, April 26th. Finally, StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday.

Shares of GNK stock traded up $0.22 on Friday, hitting $20.83. 1,154,939 shares of the stock traded hands, compared to its average volume of 1,194,204. The firm has a market cap of $876.94 million, a price-to-earnings ratio of 4.01 and a beta of 0.85. Genco Shipping & Trading has a 52 week low of $13.21 and a 52 week high of $26.00. The firm has a 50 day simple moving average of $22.27 and a two-hundred day simple moving average of $18.37. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.78 and a quick ratio of 2.16.

Genco Shipping & Trading (NYSE:GNKGet Rating) last announced its quarterly earnings results on Thursday, February 24th. The shipping company reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.10. The company had revenue of $146.67 million for the quarter, compared to the consensus estimate of $129.28 million. Genco Shipping & Trading had a net margin of 37.21% and a return on equity of 25.50%. During the same period in the previous year, the firm posted $0.22 EPS. Sell-side analysts forecast that Genco Shipping & Trading will post 4.73 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 24th. Investors of record on Monday, May 16th will be paid a dividend of $0.79 per share. The ex-dividend date is Friday, May 13th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.67. This represents a $3.16 dividend on an annualized basis and a dividend yield of 15.17%. Genco Shipping & Trading’s payout ratio is currently 51.64%.

In other Genco Shipping & Trading news, CEO John C. Wobensmith sold 25,000 shares of the business’s stock in a transaction dated Tuesday, March 8th. The shares were sold at an average price of $21.44, for a total value of $536,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert E. Hughes sold 10,500 shares of the business’s stock in a transaction dated Tuesday, March 8th. The shares were sold at an average price of $21.55, for a total transaction of $226,275.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,292 shares of company stock valued at $1,696,480. 2.07% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Ensign Peak Advisors Inc bought a new stake in shares of Genco Shipping & Trading in the 4th quarter valued at about $25,000. Acadian Asset Management LLC bought a new stake in shares of Genco Shipping & Trading in the 1st quarter valued at about $26,000. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Genco Shipping & Trading in the 1st quarter valued at about $28,000. Penserra Capital Management LLC bought a new stake in shares of Genco Shipping & Trading in the 1st quarter valued at about $47,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Genco Shipping & Trading during the 1st quarter worth approximately $54,000. 75.90% of the stock is owned by institutional investors.

Genco Shipping & Trading Company Profile (Get Rating)

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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