Genco Shipping & Trading (NYSE:GNK) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Genco Shipping & Trading Limited (NYSE:GNK)’s share price crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $24.29 and traded as high as $25.60. Genco Shipping & Trading shares last traded at $25.3370, with a volume of 218,246 shares trading hands.

Wall Street Analyst Weigh In

GNK has been the subject of several research reports. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Finally, Zacks Research downgraded shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Genco Shipping & Trading has an average rating of “Hold” and a consensus price target of $23.67.

Genco Shipping & Trading Stock Up 0.3%

The company has a fifty day moving average of $24.29 and a two-hundred day moving average of $22.95. The company has a market cap of $1.10 billion, a PE ratio of 66.68, a price-to-earnings-growth ratio of 3.64 and a beta of 0.93. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.98.

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

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 5.5%. The ex-dividend date was Monday, May 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 368.42%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of large investors have recently made changes to their positions in GNK. XY Capital Ltd purchased a new stake in Genco Shipping & Trading in the 4th quarter worth about $425,000. Graham Capital Wealth Management LLC purchased a new position in shares of Genco Shipping & Trading during the fourth quarter valued at approximately $1,742,000. UBS Group AG boosted its position in shares of Genco Shipping & Trading by 33.3% during the fourth quarter. UBS Group AG now owns 153,263 shares of the shipping company’s stock valued at $2,825,000 after buying an additional 38,310 shares during the period. Counterpoint Mutual Funds LLC bought a new position in shares of Genco Shipping & Trading during the first quarter valued at approximately $560,000. Finally, Unison Advisors LLC bought a new position in shares of Genco Shipping & Trading during the fourth quarter valued at approximately $705,000. 58.62% of the stock is owned by hedge funds and other 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.