Genco Shipping & Trading Limited (NYSE:GNK) Stock Now Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analyst sentiment is moderately bullish: Three analysts rate Genco Shipping & Trading a “buy” and three rate it “hold,” producing a “Moderate Buy” consensus with an average 12-month price target of $29.00.
• Genco reported quarterly EPS of $0.65, beating estimates of $0.60, while revenue rose 68.5% year over year to $136.41 million.
• The company increased its quarterly dividend to $0.80, equivalent to a $3.20 annualized payout and an 11.6% yield; institutional investors own 58.62% of the stock.

Shares of Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) have earned an average recommendation of "Moderate Buy" from the six brokerages that are covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $29.00.

Several research firms recently weighed in on GNK. BTIG Research reiterated a "neutral" rating on shares of Genco Shipping & Trading in a research note on Friday, September 18th. Weiss Ratings upgraded Genco Shipping & Trading from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 29th. B. Riley Financial reaffirmed a "buy" rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Zacks Research downgraded Genco Shipping & Trading from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 19th. Finally, Alliance Global Partners reissued a "neutral" rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors have recently bought and sold shares of GNK. Integrated Wealth Concepts LLC acquired a new position in shares of Genco Shipping & Trading in the 2nd quarter valued at $446,000. Raiffeisen Bank International AG boosted its position in shares of Genco Shipping & Trading by 22.6% during the 2nd quarter. Raiffeisen Bank International AG now owns 65,019 shares of the shipping company's stock valued at $1,611,000 after acquiring an additional 11,984 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Genco Shipping & Trading during the 2nd quarter valued at about $35,000. Bank of America Corp DE increased its stake in Genco Shipping & Trading by 33.2% in the first quarter. Bank of America Corp DE now owns 49,457 shares of the shipping company's stock valued at $1,115,000 after acquiring an additional 12,319 shares during the period. Finally, Empowered Funds LLC increased its stake in Genco Shipping & Trading by 12.4% in the first quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company's stock valued at $5,113,000 after acquiring an additional 25,002 shares during the period. Institutional investors and hedge funds own 58.62% of the company's stock.

Genco Shipping & Trading Trading Down 0.3%

Shares of GNK stock opened at $27.60 on Monday. The firm has a market capitalization of $1.20 billion, a P/E ratio of 30.33, a price-to-earnings-growth ratio of 3.24 and a beta of 0.96. Genco Shipping & Trading has a 1 year low of $15.55 and a 1 year high of $28.42. The firm's fifty day simple moving average is $26.38 and its 200 day simple moving average is $24.91. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.05. The firm had revenue of $136.41 million during the quarter, compared to the consensus estimate of $90.59 million. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The business's revenue was up 68.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.16) EPS. As a group, sell-side analysts predict that Genco Shipping & Trading will post 2.22 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were given a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 11.6%. This is an increase from Genco Shipping & Trading's previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, August 17th. Genco Shipping & Trading's dividend payout ratio (DPR) is 351.65%.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a drybulk shipping company that owns and operates ocean-going vessels used to transport commodities worldwide. Its fleet serves the global seaborne trade in major and minor drybulk cargoes, including iron ore, coal, grain, steel products and other raw materials.

The company operates vessels across several drybulk segments, including Capesize, Ultramax, Supramax and Handysize ships. Genco provides transportation services to commodity producers, traders and industrial customers, with voyages covering major international trade routes and ports.

Founded in 2004 and headquartered in New York City, Genco became a publicly traded company in 2005.

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