Genco Shipping & Trading (NYSE:GNK) PT Raised to $23.00

Genco Shipping & Trading (NYSE:GNK) had its price objective increased by Stifel Nicolaus from $22.00 to $23.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the shipping company’s stock.

GNK has been the topic of several other reports. StockNews.com lowered shares of Genco Shipping & Trading from a hold rating to a sell rating in a report on Thursday, April 18th. TheStreet raised shares of Genco Shipping & Trading from a c rating to a b- rating in a report on Thursday, February 22nd. Finally, BTIG Research reiterated a neutral rating on shares of Genco Shipping & Trading in a research report on Friday, January 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $21.00.

Genco Shipping & Trading Price Performance

GNK stock opened at $20.81 on Friday. The company has a quick ratio of 3.70, a current ratio of 4.46 and a debt-to-equity ratio of 0.21. Genco Shipping & Trading has a 12 month low of $12.39 and a 12 month high of $21.24. The firm has a market cap of $889.63 million, a P/E ratio of -67.13 and a beta of 1.18. The company’s 50-day moving average price is $19.98 and its two-hundred day moving average price is $17.03.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, February 21st. The shipping company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.37 by $0.06. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The firm had revenue of $115.50 million for the quarter, compared to analyst estimates of $72.54 million. During the same period last year, the firm earned $0.67 EPS. The business’s quarterly revenue was down 9.1% compared to the same quarter last year. On average, analysts anticipate that Genco Shipping & Trading will post 1.9 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, March 6th were given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 7.88%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, March 5th. Genco Shipping & Trading’s dividend payout ratio is currently -529.03%.

Insider Buying and Selling

In other Genco Shipping & Trading news, insider Jesper Christensen sold 12,404 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $245,599.20. Following the completion of the transaction, the insider now directly owns 42,587 shares in the company, valued at approximately $843,222.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Genco Shipping & Trading news, insider Jesper Christensen sold 12,404 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $245,599.20. Following the completion of the transaction, the insider now directly owns 42,587 shares in the company, valued at approximately $843,222.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Joseph Adamo sold 1,396 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total transaction of $28,478.40. Following the completion of the transaction, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at $367,077.60. The disclosure for this sale can be found here. Insiders sold a total of 62,496 shares of company stock worth $1,238,678 in the last three months. 2.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC increased its position in Genco Shipping & Trading by 696.5% in the 4th quarter. SG Americas Securities LLC now owns 78,118 shares of the shipping company’s stock valued at $1,296,000 after acquiring an additional 68,310 shares during the period. Key Colony Management LLC bought a new stake in shares of Genco Shipping & Trading in the 4th quarter valued at $1,510,000. Moors & Cabot Inc. boosted its stake in shares of Genco Shipping & Trading by 76.0% in the 3rd quarter. Moors & Cabot Inc. now owns 47,469 shares of the shipping company’s stock valued at $664,000 after purchasing an additional 20,500 shares during the last quarter. MQS Management LLC bought a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at $361,000. Finally, Swiss National Bank boosted its stake in shares of Genco Shipping & Trading by 1.1% in the 3rd quarter. Swiss National Bank now owns 93,400 shares of the shipping company’s stock valued at $1,307,000 after purchasing an additional 1,000 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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.