Genco Shipping & Trading (NYSE:GNK) Price Target Raised to $27.00

Genco Shipping & Trading (NYSE:GNK) had its price objective raised by Alliance Global Partners from $25.00 to $27.00 in a research note released on Monday, Benzinga reports. They currently have a buy rating on the shipping company’s stock.

A number of other analysts have also recently issued reports on the company. StockNews.com raised Genco Shipping & Trading from a sell rating to a hold rating in a research report on Friday, May 10th. Stifel Nicolaus lifted their price objective on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a buy rating in a research report on Friday, April 19th. B. Riley lifted their price objective on Genco Shipping & Trading from $27.00 to $30.00 and gave the company a buy rating in a research report on Friday, May 10th. Finally, Jefferies Financial Group lifted their price objective on Genco Shipping & Trading from $26.00 to $27.00 and gave the company a buy rating in a research report on Thursday, May 9th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $25.40.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $21.72 on Monday. Genco Shipping & Trading has a 1-year low of $12.65 and a 1-year high of $23.43. The company has a current ratio of 3.72, a quick ratio of 2.94 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $928.75 million, a price-to-earnings ratio of 362.00 and a beta of 0.96. The stock’s fifty day simple moving average is $21.83 and its 200-day simple moving average is $19.70.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $117.44 million for the quarter, compared to the consensus estimate of $77.31 million. Genco Shipping & Trading had a return on equity of 5.15% and a net margin of 0.81%. Genco Shipping & Trading’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.06 earnings per share. On average, sell-side analysts predict that Genco Shipping & Trading will post 2.34 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Wednesday, May 22nd were given a $0.42 dividend. The ex-dividend date was Tuesday, May 21st. This represents a $1.68 dividend on an annualized basis and a dividend yield of 7.73%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.41. Genco Shipping & Trading’s payout ratio is currently 2,800.00%.

Insiders Place Their Bets

In other Genco Shipping & Trading news, Director Arthur L. Regan sold 1,400 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $22.86, for a total value of $32,004.00. Following the completion of the sale, the director now owns 104,414 shares of the company’s stock, valued at $2,386,904.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Several large investors have recently made changes to their positions in GNK. PNC Financial Services Group Inc. lifted its position in shares of Genco Shipping & Trading by 1,632.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock worth $32,000 after purchasing an additional 2,139 shares during the last quarter. Teza Capital Management LLC acquired a new position in shares of Genco Shipping & Trading during the 3rd quarter worth about $164,000. AQR Capital Management LLC lifted its position in shares of Genco Shipping & Trading by 78.4% during the 3rd quarter. AQR Capital Management LLC now owns 612,440 shares of the shipping company’s stock worth $8,568,000 after purchasing an additional 269,138 shares during the last quarter. Aurora Investment Counsel increased its stake in Genco Shipping & Trading by 10.2% during the third quarter. Aurora Investment Counsel now owns 76,634 shares of the shipping company’s stock valued at $1,072,000 after acquiring an additional 7,093 shares during the period. Finally, American Century Companies Inc. increased its stake in Genco Shipping & Trading by 9.1% during the third quarter. American Century Companies Inc. now owns 681,087 shares of the shipping company’s stock valued at $9,528,000 after acquiring an additional 56,837 shares during the period. Institutional investors and hedge funds own 58.62% of the company’s stock.

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.