Genco Shipping & Trading (NYSE:GNK) Share Price Crosses Above 50-Day Moving Average - Here's What Happened

Shares of Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $24.29 and traded as high as $25.60. Genco Shipping & Trading shares last traded at $25.3370, with a volume of 218,246 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on GNK shares. Zacks Research cut Genco Shipping & Trading from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Alliance Global Partners reissued a "neutral" rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $29.00 price target on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Finally, Weiss Ratings raised Genco Shipping & Trading from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 8th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $23.67.

Genco Shipping & Trading Trading Up 0.3%

The stock's 50 day moving average price is $24.29 and its 200-day moving average price is $22.95. The company has a quick ratio of 2.41, a current ratio of 2.98 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $1.10 billion, a PE ratio of 66.68, a PEG ratio of 3.64 and a beta of 0.93.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.07 by $0.19. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The firm had revenue of $114.43 million for the quarter, compared to the consensus estimate of $65.73 million. During the same period last year, the firm earned ($0.28) EPS. The company's revenue was up 60.6% on a year-over-year basis. On average, sell-side analysts expect that Genco Shipping & Trading Limited will post 1.81 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Monday, May 18th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.40 dividend on an annualized basis and a yield of 5.5%. Genco Shipping & Trading's dividend payout ratio (DPR) is currently 368.42%.

Hedge Funds Weigh In On Genco Shipping & Trading

Several large investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its stake in Genco Shipping & Trading by 2.3% during the third quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company's stock valued at $622,000 after buying an additional 779 shares during the last quarter. Invesco Ltd. increased its stake in Genco Shipping & Trading by 0.8% in the 4th quarter. Invesco Ltd. now owns 125,535 shares of the shipping company's stock worth $2,314,000 after acquiring an additional 935 shares during the last quarter. Blue Trust Inc. increased its stake in Genco Shipping & Trading by 230.1% in the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company's stock worth $30,000 after acquiring an additional 939 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Genco Shipping & Trading by 58.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,073 shares of the shipping company's stock worth $55,000 after acquiring an additional 1,131 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Genco Shipping & Trading by 3.3% during the 3rd quarter. Legal & General Group Plc now owns 43,605 shares of the shipping company's stock worth $776,000 after acquiring an additional 1,381 shares in the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

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.

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