Genco Shipping & Trading (NYSE:GNK) Lowered to Hold at Stifel Nicolaus

Stifel Nicolaus cut shares of Genco Shipping & Trading (NYSE:GNK) from a buy rating to a hold rating in a report released on Wednesday, MarketBeat Ratings reports. The firm currently has $17.00 target price on the shipping company’s stock, down from their prior target price of $26.00.

Other equities analysts have also issued research reports about the company. Alliance Global Partners boosted their price objective on shares of Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Deutsche Bank Aktiengesellschaft began coverage on shares of 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. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.60.

Genco Shipping & Trading Price Performance

GNK stock opened at $15.86 on Wednesday. The company has a current ratio of 3.59, a quick ratio of 2.94 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $678.17 million, a PE ratio of 48.06, a P/E/G ratio of 0.23 and a beta of 0.95. The business’s fifty day moving average price is $17.53 and its 200 day moving average price is $19.71. Genco Shipping & Trading has a 12-month low of $12.65 and a 12-month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, August 7th. The shipping company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.42 by $0.04. The firm had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $74.86 million. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. Genco Shipping & Trading’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 EPS. On average, sell-side analysts anticipate that Genco Shipping & Trading will post 2.1 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 19th were given a $0.34 dividend. The ex-dividend date was Monday, August 19th. This represents a $1.36 dividend on an annualized basis and a yield of 8.58%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 412.12%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC grew its position in Genco Shipping & Trading by 109.5% during the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after buying an additional 998 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Genco Shipping & Trading in the 2nd quarter worth approximately $82,000. nVerses Capital LLC acquired a new position in Genco Shipping & Trading during the second quarter worth $136,000. Point72 DIFC Ltd acquired a new position in Genco Shipping & Trading during the second quarter worth $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Genco Shipping & Trading by 80.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock worth $191,000 after purchasing an additional 4,003 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

About Genco Shipping & Trading

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.