Genco Shipping & Trading (NYSE:GNK) Price Target Raised to $27.00 at Jefferies Financial Group

Genco Shipping & Trading (NYSE:GNK - Free Report) had its price objective raised by Jefferies Financial Group from $26.00 to $27.00 in a research note released on Thursday, Benzinga reports. They currently have a buy rating on the shipping company's stock.

A number of other analysts have also recently issued reports on GNK. Stifel Nicolaus lifted their price objective on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a buy rating in a research report on Friday, April 19th. StockNews.com lowered Genco Shipping & Trading from a hold rating to a sell rating in a report on Thursday, April 18th. Finally, TheStreet upgraded Genco Shipping & Trading from a c rating to a b- rating in a report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of Hold and a consensus target price of $23.33.

Genco Shipping & Trading Stock Up 0.2 %

NYSE GNK traded up $0.05 during trading on Thursday, reaching $22.70. 1,087,067 shares of the company's stock were exchanged, compared to its average volume of 715,757. The company has a current ratio of 4.46, a quick ratio of 3.70 and a debt-to-equity ratio of 0.21. Genco Shipping & Trading has a fifty-two week low of $12.39 and a fifty-two week high of $23.43. The company's fifty day simple moving average is $20.74 and its 200-day simple moving average is $17.62. The firm has a market capitalization of $970.26 million, a PE ratio of -73.06 and a beta of 1.11.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. The business had revenue of $117.44 million during the quarter, compared to analyst estimates of $77.31 million. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The firm's revenue was up 24.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.06 earnings per share. Sell-side analysts predict that Genco Shipping & Trading will post 1.93 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Wednesday, May 22nd will be issued a dividend of $0.42 per share. This is a positive change from Genco Shipping & Trading's previous quarterly dividend of $0.41. This represents a $1.68 annualized dividend and a yield of 7.40%. The ex-dividend date of this dividend is Tuesday, May 21st. Genco Shipping & Trading's dividend payout ratio (DPR) is -529.03%.

Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, CFO Peter George Allen sold 7,036 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $139,312.80. Following the transaction, the chief financial officer now owns 35,518 shares in the company, valued at $703,256.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Peter George Allen sold 7,036 shares of the firm's stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $139,312.80. Following the sale, the chief financial officer now directly owns 35,518 shares of the company's stock, valued at $703,256.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jesper Christensen sold 12,404 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $245,599.20. Following the sale, the insider now owns 42,587 shares of the company's stock, valued at approximately $843,222.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,496 shares of company stock worth $1,238,678. 2.08% of the stock is owned by corporate insiders.

Institutional Trading of Genco Shipping & Trading

Institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. grew its stake in Genco Shipping & Trading by 1,632.8% during the third quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company's stock worth $32,000 after buying an additional 2,139 shares during the last quarter. Gladius Capital Management LP bought a new stake in Genco Shipping & Trading during the 4th quarter worth approximately $37,000. CWM LLC increased its holdings in Genco Shipping & Trading by 550.0% during the 4th quarter. CWM LLC now owns 3,796 shares of the shipping company's stock valued at $63,000 after purchasing an additional 3,212 shares in the last quarter. Mark Sheptoff Financial Planning LLC bought a new position in Genco Shipping & Trading in the 4th quarter valued at $126,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Genco Shipping & Trading in the third quarter valued at $137,000. Institutional investors and hedge funds own 58.62% of the company's stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.