Brokerages Set Genco Shipping & Trading Limited (NYSE:GNK) PT at $19.33

Key Points

• Genco Shipping & Trading has received an average rating of "Buy" from five research firms, with one hold, two buy, and two strong buy recommendations.
• The company recently reported a quarterly earnings per share (EPS) of ($0.14), beating analyst estimates by $0.01, despite a 24.4% year-over-year revenue decline.
• Genco Shipping & Trading announced a quarterly dividend of $0.15 per share, resulting in a 3.5% dividend yield, but has a high payout ratio of 176.47%.

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) has been assigned a consensus recommendation of "Buy" from the five ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation, two have issued a buy recommendation and two have given a strong 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 $19.3333.

GNK has been the topic of several recent research reports. Jefferies Financial Group restated a "buy" rating and issued a $19.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, August 7th. Wall Street Zen cut Genco Shipping & Trading from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently made changes to their positions in GNK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Genco Shipping & Trading by 6,887.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,676,967 shares of the shipping company's stock worth $22,404,000 after buying an additional 1,652,966 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of Genco Shipping & Trading during the 1st quarter worth $4,921,000. CSM Advisors LLC bought a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth $3,876,000. Townsend & Associates Inc lifted its stake in Genco Shipping & Trading by 17.7% in the first quarter. Townsend & Associates Inc now owns 1,261,959 shares of the shipping company's stock worth $15,484,000 after purchasing an additional 190,000 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Genco Shipping & Trading by 629.8% in the first quarter. SG Americas Securities LLC now owns 218,067 shares of the shipping company's stock valued at $2,913,000 after acquiring an additional 188,186 shares during the period. Institutional investors own 58.62% of the company's stock.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK traded down $0.26 during mid-day trading on Thursday, reaching $16.85. The company had a trading volume of 507,018 shares, compared to its average volume of 584,063. Genco Shipping & Trading has a 1-year low of $11.20 and a 1-year high of $19.51. The company has a current ratio of 1.63, a quick ratio of 1.20 and a debt-to-equity ratio of 0.10. The stock has a market cap of $724.00 million, a PE ratio of 49.57 and a beta of 1.22. The company has a 50-day moving average price of $15.41 and a two-hundred day moving average price of $14.15.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $46.90 million during the quarter, compared to analysts' expectations of $50.19 million. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The business's quarterly revenue was down 24.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.46 earnings per share. On average, equities analysts anticipate that Genco Shipping & Trading will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 18th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Monday, August 18th. Genco Shipping & Trading's dividend payout ratio is presently 176.47%.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.