Genco Shipping & Trading (NYSE:GNK) Downgraded to Hold Rating by StockNews.com

StockNews.com lowered shares of Genco Shipping & Trading (NYSE:GNK) from a buy rating to a hold rating in a research note released on Tuesday.

GNK has been the topic of several other reports. Jefferies Financial Group reissued a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Finally, Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price objective for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Price Performance

GNK stock opened at $13.64 on Tuesday. Genco Shipping & Trading has a one year low of $13.64 and a one year high of $23.43. The firm has a 50-day moving average of $16.22 and a two-hundred day moving average of $18.18. The firm has a market capitalization of $583.22 million, a PE ratio of 8.69, a P/E/G ratio of 0.24 and a beta of 0.96. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting 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 firm had revenue of $99.33 million during the quarter, compared to analyst estimates of $72.02 million. During the same quarter last year, the business posted ($0.09) EPS. The company’s revenue was up 19.2% on a year-over-year basis. On average, analysts forecast that Genco Shipping & Trading will post 1.74 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a yield of 11.73%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio is currently 101.91%.

Institutional Investors Weigh In On Genco Shipping & Trading

Institutional investors and hedge funds have recently modified their holdings of the business. Pekin Hardy Strauss Inc. acquired a new stake in Genco Shipping & Trading in the 3rd quarter worth approximately $812,000. Dimensional Fund Advisors LP raised its position in shares of Genco Shipping & Trading by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after purchasing an additional 33,150 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after buying an additional 219,907 shares during the last quarter. Foundry Partners LLC lifted its stake in shares of Genco Shipping & Trading by 41.2% in the third quarter. Foundry Partners LLC now owns 336,460 shares of the shipping company’s stock worth $6,561,000 after buying an additional 98,195 shares during the last quarter. Finally, Petrus Trust Company LTA acquired a new position in Genco Shipping & Trading in the 3rd quarter valued at $661,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

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.