Genco Shipping & Trading Limited (NYSE:GNK) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts have a “Moderate Buy” consensus on Genco Shipping & Trading, with two buy ratings, one strong-buy rating and two holds. The average 12-month price target is $26.00.
• 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 per share, implying an annualized yield of about 12.2%; shares recently traded at $26.32, near their 52-week high of $27.25.

Shares of Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the five analysts that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $26.00.

GNK has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $29.00 target price on shares of Genco Shipping & Trading in a research note on Friday, May 8th. B. Riley Financial reissued a "buy" rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Zacks Research upgraded shares of Genco Shipping & Trading from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Alliance Global Partners reaffirmed a "neutral" rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Genco Shipping & Trading in a report on Wednesday, August 5th.

Hedge Funds Weigh In On Genco Shipping & Trading

Several large investors have recently modified their holdings of the business. Bank of America Corp DE increased its position in shares of Genco Shipping & Trading by 2.3% during the 3rd quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company's stock worth $622,000 after purchasing an additional 779 shares during the last quarter. Invesco Ltd. lifted its position in Genco Shipping & Trading by 0.8% in the fourth quarter. Invesco Ltd. now owns 125,535 shares of the shipping company's stock valued at $2,314,000 after buying an additional 935 shares during the last quarter. Blue Trust Inc. lifted its position in Genco Shipping & Trading by 230.1% in the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company's stock valued at $30,000 after buying an additional 939 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Genco Shipping & Trading by 58.2% during the third quarter. PNC Financial Services Group Inc. now owns 3,073 shares of the shipping company's stock worth $55,000 after buying an additional 1,131 shares during the period. Finally, Legal & General Group Plc boosted its stake in Genco Shipping & Trading by 3.3% during the third quarter. Legal & General Group Plc now owns 43,605 shares of the shipping company's stock worth $776,000 after buying an additional 1,381 shares during the period. Institutional investors and hedge funds own 58.62% of the company's stock.

Genco Shipping & Trading Stock Up 1.3%

Shares of NYSE:GNK opened at $26.32 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. The business has a fifty day moving average of $24.81 and a two-hundred day moving average of $23.72. The stock has a market cap of $1.15 billion, a P/E ratio of 28.92, a PEG ratio of 3.04 and a beta of 0.94. Genco Shipping & Trading has a 52-week low of $15.55 and a 52-week high of $27.25.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.60 by $0.05. The business had revenue of $136.41 million for the quarter, compared to analyst estimates of $90.59 million. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The company's quarterly revenue was up 68.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.16) EPS. On average, research analysts expect that Genco Shipping & Trading will post 2.25 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 17th will be given a $0.80 dividend. This is an increase from Genco Shipping & Trading's previous quarterly dividend of $0.35. This represents a $3.20 dividend on an annualized basis and a yield of 12.2%. The ex-dividend date is Monday, August 17th. Genco Shipping & Trading's dividend payout ratio (DPR) is presently 153.85%.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company's fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco's focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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