Genco Shipping & Trading (NYSE:GNK) Reaches New 1-Year High – Here’s What Happened

Genco Shipping & Trading Limited (NYSE:GNK)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $19.63 and last traded at $19.6650, with a volume of 331161 shares changing hands. The stock had previously closed at $18.87.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GNK shares. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. SEB Equity Research set a $23.00 price objective on shares of Genco Shipping & Trading in a report on Friday, September 26th. Finally, Wall Street Zen downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Stock Down 4.3%

The company has a current ratio of 2.36, a quick ratio of 1.98 and a debt-to-equity ratio of 0.18. The stock has a market cap of $813.52 million, a P/E ratio of -110.67 and a beta of 1.19. The company’s 50 day moving average price is $18.28 and its two-hundred day moving average price is $17.00.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, November 5th. The shipping company reported ($0.01) EPS for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $79.92 million during the quarter, compared to analysts’ expectations of $65.06 million. Genco Shipping & Trading had a negative net margin of 2.14% and a negative return on equity of 0.62%. The firm’s revenue was down 19.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.41 earnings per share. Equities analysts forecast that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Monday, November 17th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.60 annualized dividend and a dividend yield of 3.2%. Genco Shipping & Trading’s dividend payout ratio (DPR) is -352.94%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GNK. SG Americas Securities LLC raised its stake in Genco Shipping & Trading by 18.4% during the 4th quarter. SG Americas Securities LLC now owns 66,192 shares of the shipping company’s stock worth $1,220,000 after acquiring an additional 10,310 shares during the period. Cantor Fitzgerald L. P. bought a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at $205,000. Sunbelt Securities Inc. purchased a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at $35,000. Danske Bank A S purchased a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at $64,000. Finally, Advisory Services Network LLC bought a new position in Genco Shipping & Trading in the 3rd quarter worth $30,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.