Genco Shipping & Trading (NYSE:GNK) Sees Unusually-High Trading Volume - What's Next?

Key Points

• Genco Shipping & Trading’s trading volume surged 305% to 1.67 million shares, while the stock fell 3.3% to approximately $26.66.
• Analyst sentiment remains favorable overall, with three Buy ratings and two Holds producing a consensus “Moderate Buy” rating and a $26.00 price target.
• Genco reported stronger-than-expected quarterly results, including $0.65 in EPS and $136.41 million in revenue, and increased its quarterly dividend to $0.80 per share, implying a 12% annualized yield.

Shares of Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) saw an uptick in trading volume on Tuesday . 1,672,795 shares were traded during mid-day trading, an increase of 305% from the previous session's volume of 413,420 shares.The stock last traded at $26.6550 and had previously closed at $27.65.

Analysts Set New Price Targets

GNK has been the subject of several recent research reports. B. Riley Financial restated a "buy" rating on shares of Genco Shipping & Trading in a research report on Friday, August 7th. Zacks Research lowered shares of Genco Shipping & Trading from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 19th. Weiss Ratings raised shares of Genco Shipping & Trading from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, September 2nd. Finally, Alliance Global Partners restated a "neutral" rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Genco Shipping & Trading presently has an average rating of "Moderate Buy" and a consensus target price of $26.00.

Genco Shipping & Trading Stock Down 3.3%

The stock's 50-day moving average is $25.68 and its 200-day moving average is $24.34. The stock has a market cap of $1.17 billion, a P/E ratio of 29.40, a price-to-earnings-growth ratio of 3.20 and a beta of 0.93. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its earnings results on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.60 by $0.05. The firm had revenue of $136.41 million for the quarter, compared to analysts' expectations of $90.59 million. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. Genco Shipping & Trading's quarterly revenue was up 68.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.16) EPS. As a group, research analysts anticipate that Genco Shipping & Trading Limited will post 2.25 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were paid a dividend of $0.80 per share. This is a boost from Genco Shipping & Trading's previous quarterly dividend of $0.35. This represents a $3.20 dividend on an annualized basis and a dividend yield of 12.0%. The ex-dividend date was Monday, August 17th. Genco Shipping & Trading's dividend payout ratio (DPR) is 351.65%.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors have recently added to or reduced their stakes in GNK. Blue Trust Inc. increased its position in shares of Genco Shipping & Trading by 230.1% during the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company's stock valued at $30,000 after purchasing an additional 939 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Genco Shipping & Trading in the third quarter valued at $30,000. Kemnay Advisory Services Inc. bought a new position in Genco Shipping & Trading during the fourth quarter valued at about $32,000. Public Employees Retirement System of Ohio bought a new position in Genco Shipping & Trading during the second quarter valued at about $35,000. Finally, Sunbelt Securities Inc. bought a new position in Genco Shipping & Trading during the third quarter valued at about $35,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

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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