Genco Shipping & Trading (NYSE:GNK) Reaches New 12-Month High – Should You Buy?

Genco Shipping & Trading Limited (NYSE:GNK)’s share price reached a new 52-week high on Friday . The stock traded as high as $27.76 and last traded at $27.23, with a volume of 182723 shares traded. The stock had previously closed at $26.09.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on GNK shares. Zacks Research cut shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $29.00 price objective on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Weiss Ratings raised Genco Shipping & Trading from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday. Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.00.

Genco Shipping & Trading Stock Up 2.4%

The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 29.35, a PEG ratio of 3.03 and a beta of 0.94. The firm has a 50-day moving average price of $25.00 and a two-hundred day moving average price of $23.90. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.97 and a quick ratio of 2.41.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.05. The business had revenue of $136.41 million for the quarter, compared to analyst estimates of $90.59 million. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.Genco Shipping & Trading’s revenue was up 68.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.16) earnings per share. As a group, sell-side analysts anticipate that Genco Shipping & Trading Limited will post 2.25 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 17th will be issued a $0.80 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.20 dividend on an annualized basis and a yield of 12.0%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35. Genco Shipping & Trading’s payout ratio is presently 351.65%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio bought a new position in Genco Shipping & Trading during the 2nd quarter worth approximately $35,000. Bank of America Corp DE lifted its position in shares of Genco Shipping & Trading by 33.2% during the 1st quarter. Bank of America Corp DE now owns 49,457 shares of the shipping company’s stock worth $1,115,000 after buying an additional 12,319 shares in the last quarter. Empowered Funds LLC grew its position in Genco Shipping & Trading by 12.4% during the first quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company’s stock valued at $5,113,000 after buying an additional 25,002 shares during the period. Quantinno Capital Management LP increased its position in Genco Shipping & Trading by 104.8% in the first quarter. Quantinno Capital Management LP now owns 56,860 shares of the shipping company’s stock worth $1,282,000 after buying an additional 29,098 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Genco Shipping & Trading by 56.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after purchasing an additional 102,868 shares during the period. Institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

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.