Genco Shipping & Trading (NYSE:GNK) Rating Increased to Strong-Buy at Pareto Securities

Pareto Securities upgraded shares of Genco Shipping & Trading (NYSE:GNK) to a strong-buy rating in a report released on Monday,Zacks.com reports.

Several other equities analysts also recently issued reports on GNK. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Jefferies Financial Group dropped their price target on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $13.56 on Monday. Genco Shipping & Trading has a 52-week low of $13.08 and a 52-week high of $23.43. The company’s 50 day moving average is $14.14 and its 200 day moving average is $15.44. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The firm has a market cap of $579.80 million, a price-to-earnings ratio of 7.75, a PEG ratio of 5.64 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The company had revenue of $67.95 million during the quarter, compared to analysts’ expectations of $67.36 million. On average, sell-side analysts anticipate that Genco Shipping & Trading will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.20 annualized dividend and a dividend yield of 8.85%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 68.57%.

Insider Activity at Genco Shipping & Trading

In related news, CFO Peter George Allen sold 8,984 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $125,416.64. Following the completion of the transaction, the chief financial officer now owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. This represents a 16.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Joseph Adamo sold 6,226 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the completion of the sale, the chief accounting officer now directly owns 26,829 shares in the company, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,812 shares of company stock worth $402,216. 2.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its holdings in Genco Shipping & Trading by 70.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after purchasing an additional 219,907 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Genco Shipping & Trading by 155.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after buying an additional 173,270 shares in the last quarter. Barclays PLC boosted its holdings in Genco Shipping & Trading by 499.7% in the 3rd quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock worth $2,016,000 after buying an additional 86,147 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Genco Shipping & Trading by 51.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,355 shares of the shipping company’s stock worth $911,000 after buying an additional 22,316 shares in the last quarter. Finally, Townsend & Associates Inc raised its holdings in shares of Genco Shipping & Trading by 2.2% during the fourth quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock valued at $15,318,000 after acquiring an additional 23,101 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.