Analysts Set Genco Shipping & Trading Limited (NYSE:GNK) Price Target at $24.20

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $24.20.

GNK has been the topic of a number of research analyst reports. Jefferies Financial Group restated a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $16.03 on Tuesday. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The stock has a market cap of $685.44 million, a PE ratio of 10.21, a price-to-earnings-growth ratio of 0.27 and a beta of 0.98. The stock’s fifty day simple moving average is $17.32 and its two-hundred day simple moving average is $18.96. Genco Shipping & Trading has a 1-year low of $14.02 and a 1-year high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. During the same period last year, the firm earned ($0.09) earnings per share. The firm’s revenue was up 19.2% on a year-over-year basis. As a group, analysts forecast that Genco Shipping & Trading will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were given a $0.40 dividend. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 9.98%. The ex-dividend date was Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 101.91%.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GNK. CWM LLC increased its stake in shares of Genco Shipping & Trading by 109.5% in the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after purchasing an additional 998 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in Genco Shipping & Trading in the 2nd quarter worth approximately $82,000. Quarry LP grew its stake in Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after buying an additional 3,595 shares in the last quarter. nVerses Capital LLC bought a new stake in Genco Shipping & Trading during the 2nd quarter valued at $136,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Genco Shipping & Trading during the second quarter worth $178,000. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Company Profile

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