Genco Shipping & Trading (NYSE:GNK) Shares Cross Above 50 Day Moving Average - What's Next?

Key Points

• Shares moved above their 50-day moving average, reaching $26.55 before last trading at $26.40, versus the average of $26.34.
• Analysts give Genco a consensus “Moderate Buy” rating and a $29 price target. Its latest quarter saw revenue rise 90% year over year to $151.85 million, while EPS of $0.88 slightly missed estimates.
• Genco raised its quarterly dividend from $0.80 to $1.05, equivalent to a 15.9% annualized yield. The payout ratio is about 180%, a level worth noting.

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) crossed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $26.34 and traded as high as $26.55. Genco Shipping & Trading shares last traded at $26.4020, with a volume of 848,871 shares.

Analysts Set New Price Targets

Several research firms have weighed in on GNK. B. Riley Financial reaffirmed a "buy" rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. BTIG Research dropped coverage on shares of Genco Shipping & Trading in a research note on Friday, September 18th. They issued a "neutral" rating for the company. Weiss Ratings raised Genco Shipping & Trading from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday. Wall Street Zen raised shares of Genco Shipping & Trading to a "hold" rating in a research report on Saturday, November 7th. Finally, Zacks Research raised Genco Shipping & Trading from a "strong sell" rating to a "hold" rating in a report on Friday, November 6th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.00.

Genco Shipping & Trading Trading Up 1.0%

The firm has a market cap of $1.15 billion, a PE ratio of 14.83, a PEG ratio of 2.83 and a beta of 1.08. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.12 and a current ratio of 2.58. The stock's 50 day simple moving average is $26.34 and its 200 day simple moving average is $24.56.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The shipping company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.01). The firm had revenue of $151.85 million for the quarter, compared to the consensus estimate of $105.04 million. Genco Shipping & Trading had a return on equity of 10.88% and a net margin of 15.48%. The company's revenue for the quarter was up 90.0% on a year-over-year basis. During the same period last year, the firm earned ($0.01) EPS. On average, sell-side analysts forecast that Genco Shipping & Trading Limited will post 2.41 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 16th will be paid a $1.05 dividend. This is a boost from Genco Shipping & Trading's previous quarterly dividend of $0.80. This represents a $4.20 annualized dividend and a yield of 15.9%. The ex-dividend date of this dividend is Monday, November 16th. Genco Shipping & Trading's payout ratio is presently 179.78%.

Institutional Trading of Genco Shipping & Trading

A number of institutional investors have recently made changes to their positions in the stock. Unison Advisors LLC boosted its position in Genco Shipping & Trading by 1.4% during the 3rd quarter. Unison Advisors LLC now owns 39,619 shares of the shipping company's stock valued at $1,036,000 after buying an additional 535 shares during the period. Farther Finance Advisors LLC raised its holdings in Genco Shipping & Trading by 77.0% in the third quarter. Farther Finance Advisors LLC now owns 3,012 shares of the shipping company's stock worth $79,000 after purchasing an additional 1,310 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Genco Shipping & Trading in the 2nd quarter worth about $35,000. Parallel Advisors LLC lifted its holdings in shares of Genco Shipping & Trading by 114.1% during the third quarter. Parallel Advisors LLC now owns 3,550 shares of the shipping company's stock valued at $93,000 after purchasing an additional 1,892 shares during the last quarter. Finally, Fortitude Family Office LLC raised its stake in Genco Shipping & Trading by 697.2% during the third quarter. Fortitude Family Office LLC now owns 2,280 shares of the shipping company's stock valued at $60,000 after buying an additional 1,994 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company's stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading is an international drybulk shipping company that owns and operates vessels carrying commodities for customers around the world. Its fleet includes large Capesize ships and smaller Supramax and Ultramax vessels, serving a range of drybulk cargo needs. The company transports commodities such as iron ore, coal, grain, bauxite, steel products and fertilizers. Its vessels operate on global trade routes, connecting commodity producers and markets across multiple regions. Founded in 2004, Genco is headquartered in New York City.

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