Genco Shipping & Trading Limited (NYSE:GNK) Receives Consensus Recommendation of "Buy" from Brokerages

Key Points

• Genco Shipping & Trading Limited (NYSE:GNK) has received an average consensus rating of "Buy" from five analysts, with a 1-year price target averaging $19.67.
• The company's stock traded down 0.6% to $17.20, with a market cap of $738.70 million and a 52-week range of $11.20 to $19.60.
• Despite a revenue drop of 24.4% year-over-year, the company reported earnings of ($0.14) EPS, slightly beating analysts' estimates.

Shares of Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) have earned an average rating of "Buy" from the five analysts that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $19.6667.

A number of brokerages have commented on GNK. Jefferies Financial Group reiterated a "buy" rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a report on Thursday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Genco Shipping & Trading in a report on Saturday, September 27th. Finally, SEB Equity Research set a $23.00 price objective on shares of Genco Shipping & Trading in a report on Friday, September 26th.

Genco Shipping & Trading Stock Down 0.6%

Genco Shipping & Trading stock traded down $0.11 during trading hours on Friday, reaching $17.20. The stock had a trading volume of 674,899 shares, compared to its average volume of 711,617. The company has a market cap of $738.70 million, a price-to-earnings ratio of 50.57 and a beta of 1.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20. The business's 50 day moving average price is $17.23 and its 200-day moving average price is $14.81. Genco Shipping & Trading has a 52 week low of $11.20 and a 52 week high of $19.60.

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

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 18th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, August 18th. This represents a $0.60 annualized dividend and a dividend yield of 3.5%. Genco Shipping & Trading's dividend payout ratio is 176.47%.

Insider Buying and Selling

In related news, insider Jesper Christensen sold 34,202 shares of the company's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $18.06, for a total value of $617,688.12. Following the sale, the insider owned 69,363 shares in the company, valued at $1,252,695.78. This represents a 33.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of large investors have recently bought and sold shares of the company. Corient Private Wealth LLC boosted its position in Genco Shipping & Trading by 6.7% in the second quarter. Corient Private Wealth LLC now owns 24,016 shares of the shipping company's stock valued at $314,000 after buying an additional 1,516 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Genco Shipping & Trading by 272.6% in the second quarter. Tower Research Capital LLC TRC now owns 8,055 shares of the shipping company's stock valued at $105,000 after buying an additional 5,893 shares during the last quarter. Vident Advisory LLC boosted its position in Genco Shipping & Trading by 5.9% in the second quarter. Vident Advisory LLC now owns 32,987 shares of the shipping company's stock valued at $431,000 after buying an additional 1,845 shares during the last quarter. Tidal Investments LLC boosted its position in Genco Shipping & Trading by 14.5% in the second quarter. Tidal Investments LLC now owns 18,329 shares of the shipping company's stock valued at $240,000 after buying an additional 2,317 shares during the last quarter. Finally, Boothbay Fund Management LLC purchased a new stake in Genco Shipping & Trading in the second quarter valued at approximately $869,000. Hedge funds and other institutional investors own 58.62% of the company's stock.

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.

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