Genco Shipping & Trading Limited (NYSE:GNK) Receives Average Recommendation of “Buy” from Brokerages

by · The Cerbat Gem

Shares of Genco Shipping & Trading Limited (NYSE:GNK – Get Free Report) have received a consensus rating of “Buy” from the six research firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $23.00.

A number of equities research analysts recently weighed in on the stock. Pareto Securities raised shares of Genco Shipping & Trading to a “strong-buy” rating in a research report on Monday, March 31st. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Jefferies Financial Group dropped their price target on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th.

Get Our Latest Research Report on Genco Shipping & Trading

Genco Shipping & Trading Price Performance

Shares of GNK opened at $11.68 on Monday. Genco Shipping & Trading has a 52 week low of $11.51 and a 52 week high of $23.43. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The firm has a market cap of $499.41 million, a price-to-earnings ratio of 6.67, a PEG ratio of 5.64 and a beta of 0.99. The stock has a 50 day moving average of $14.05 and a 200-day moving average of $15.38.

Genco Shipping & Trading (NYSE:GNK – Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). The business had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. As a group, analysts forecast that Genco Shipping & Trading will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.20 annualized dividend and a dividend yield of 10.27%. Genco Shipping & Trading’s payout ratio is currently 68.57%.

Insider Activity

In other news, CFO Peter George Allen sold 8,984 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $125,416.64. Following the transaction, the chief financial officer now directly owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. This trade represents a 16.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jesper Christensen sold 13,602 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $189,883.92. Following the completion of the sale, the insider now directly owns 57,322 shares of the company’s stock, valued at $800,215.12. The trade was a 19.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,812 shares of company stock valued at $402,216. Insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas acquired a new stake in Genco Shipping & Trading in the fourth quarter worth approximately $3,692,000. Charles Schwab Investment Management Inc. raised its stake in shares of Genco Shipping & Trading by 70.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after buying an additional 219,907 shares in the last quarter. Barclays PLC lifted its holdings in shares of Genco Shipping & Trading by 173.3% in the fourth quarter. Barclays PLC now owns 282,603 shares of the shipping company’s stock valued at $3,940,000 after buying an additional 179,216 shares during the period. JPMorgan Chase & Co. boosted its stake in Genco Shipping & Trading by 155.0% during the third quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after buying an additional 173,270 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in Genco Shipping & Trading by 23.9% during the fourth quarter. Royce & Associates LP now owns 597,860 shares of the shipping company’s stock valued at $8,334,000 after buying an additional 115,173 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors.

About Genco Shipping & Trading

(Get Free Report

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.

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