Genco Shipping & Trading Limited (NYSE:GNK) Stock Has Average Target Price of $29.00 According to Brokerages

Genco Shipping & Trading Limited (NYSE:GNK) has been assigned an average recommendation of “Hold” from the five analysts that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $29.00.

Several equities research analysts have issued reports on GNK shares. BTIG Research dropped coverage on shares of Genco Shipping & Trading in a research note on Friday, September 18th. They issued a “neutral” rating on the stock. Weiss Ratings downgraded shares of Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Zacks Research downgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a research note on Monday, October 5th. Finally, B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Unison Advisors LLC grew its stake in Genco Shipping & Trading by 1.4% in the third quarter. Unison Advisors LLC now owns 39,619 shares of the shipping company’s stock valued at $1,036,000 after purchasing an additional 535 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Genco Shipping & Trading by 230.1% during the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock worth $30,000 after purchasing an additional 939 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Genco Shipping & Trading by 77.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,012 shares of the shipping company’s stock worth $79,000 after purchasing an additional 1,310 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth approximately $35,000. Finally, Fortitude Family Office LLC boosted its holdings in shares of Genco Shipping & Trading by 697.2% in the 3rd quarter. Fortitude Family Office LLC now owns 2,280 shares of the shipping company’s stock valued at $60,000 after buying an additional 1,994 shares during the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

Genco Shipping & Trading Price Performance

NYSE GNK opened at $26.64 on Friday. The company has a quick ratio of 2.41, a current ratio of 2.97 and a debt-to-equity ratio of 0.36. Genco Shipping & Trading has a 12-month low of $15.58 and a 12-month high of $28.42. The company has a market capitalization of $1.16 billion, a PE ratio of 29.28, a price-to-earnings-growth ratio of 3.00 and a beta of 0.96. The firm’s 50 day moving average is $26.47 and its 200-day moving average is $24.26.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The business had revenue of $136.41 million for the quarter, compared to analyst estimates of $90.59 million. During the same quarter in the previous year, the firm posted ($0.16) earnings per share. The firm’s revenue for the quarter was up 68.5% on a year-over-year basis. Equities research analysts anticipate that Genco Shipping & Trading will post 2.22 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were issued a dividend of $0.80 per share. The ex-dividend date was Monday, August 17th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. This represents a $3.20 annualized dividend and a yield of 12.0%. Genco Shipping & Trading’s dividend payout ratio is currently 351.65%.

About Genco Shipping & Trading

Genco Shipping & Trading Limited (NYSE:GNK) is a drybulk shipping company that owns and operates a fleet of oceangoing vessels. The company transports essential commodities, including iron ore, grain, coal and other major and minor bulk cargoes, for customers around the world.

Genco’s fleet includes large Capesize vessels as well as Ultramax, Supramax and Handysize ships. These vessels serve different segments of the drybulk market and support the movement of raw materials used in energy production, agriculture, construction and industrial manufacturing.

Founded in 1997 and headquartered in New York, Genco serves international trade routes across major global commodity markets.