Genco Shipping & Trading Limited (NYSE:GNK) Receives $23.67 Consensus Target Price from Brokerages

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have earned a consensus rating of “Hold” from the five brokerages that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $23.6667.

Several equities analysts have recently weighed in on GNK shares. Alliance Global Partners lowered shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a report on Friday, May 8th. Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Finally, Zacks Research downgraded shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK opened at $24.03 on Tuesday. The firm’s 50-day moving average price is $24.08 and its 200-day moving average price is $21.68. Genco Shipping & Trading has a 1-year low of $12.84 and a 1-year high of $27.25. The firm has a market capitalization of $1.05 billion, a P/E ratio of 63.25, a P/E/G ratio of 3.56 and a beta of 0.95. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.19. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The firm had revenue of $114.43 million for the quarter, compared to analyst estimates of $65.73 million. During the same quarter in the prior year, the business earned ($0.28) earnings per share. The business’s quarterly revenue was up 60.6% compared to the same quarter last year. Equities research analysts anticipate that Genco Shipping & Trading will post 1.81 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.40 annualized dividend and a dividend yield of 5.8%. Genco Shipping & Trading’s payout ratio is presently 368.42%.

Institutional Investors Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. increased its position in shares of Genco Shipping & Trading by 230.1% during the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock worth $30,000 after acquiring an additional 939 shares in the last quarter. Strengthening Families & Communities LLC bought a new stake in shares of Genco Shipping & Trading during the fourth quarter worth about $31,000. Atlantic Union Bankshares Corp bought a new stake in shares of Genco Shipping & Trading during the third quarter worth about $30,000. Advisory Services Network LLC bought a new stake in shares of Genco Shipping & Trading during the third quarter worth about $30,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Genco Shipping & Trading during the fourth quarter worth about $32,000. 58.62% of the stock is owned by institutional investors.

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.