Genco Shipping & Trading Limited (NYSE:GNK) Receives $24.20 Average Price Target from Analysts

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been given a consensus recommendation of “Moderate Buy” by the six analysts that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $24.20.

GNK has been the topic of several recent research reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price for the company. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Stifel Nicolaus downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their target price for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors have recently made changes to their positions in GNK. Dimensional Fund Advisors LP increased its stake in shares of Genco Shipping & Trading by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock worth $61,145,000 after purchasing an additional 33,150 shares in the last quarter. State Street Corp lifted its holdings in shares of Genco Shipping & Trading by 1.0% in the third quarter. State Street Corp now owns 1,190,467 shares of the shipping company’s stock worth $23,214,000 after buying an additional 12,001 shares in the last quarter. American Century Companies Inc. lifted its position in Genco Shipping & Trading by 16.4% in the second quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock worth $23,372,000 after buying an additional 154,339 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Genco Shipping & Trading by 66.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock worth $22,376,000 after acquiring an additional 419,730 shares during the last quarter. Finally, Townsend & Associates Inc boosted its position in shares of Genco Shipping & Trading by 2.7% during the third quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company’s stock valued at $20,453,000 after buying an additional 27,783 shares during the period. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Up 2.2 %

Shares of NYSE GNK opened at $14.04 on Friday. The business has a 50-day moving average of $16.07 and a 200-day moving average of $18.01. The firm has a market capitalization of $600.32 million, a price-to-earnings ratio of 8.94, a PEG ratio of 0.24 and a beta of 0.96. Genco Shipping & Trading has a 12 month low of $13.51 and a 12 month high of $23.43. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. The company had revenue of $99.33 million during the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. Genco Shipping & Trading’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.09) earnings per share. Sell-side analysts expect that Genco Shipping & Trading will post 1.74 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 11.40%. The ex-dividend date of this dividend was Monday, November 18th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio is 101.91%.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.