Alliance Global Partners Boosts Genco Shipping & Trading (NYSE:GNK) Price Target to $27.00

Genco Shipping & Trading (NYSE:GNK) had its price target lifted by Alliance Global Partners from $25.00 to $27.00 in a research report released on Monday, Benzinga reports. The brokerage currently has a buy rating on the shipping company’s stock.

Several other equities research analysts also recently issued reports on the stock. Stifel Nicolaus increased their price objective on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a buy rating in a research report on Friday, April 19th. B. Riley raised their target price on shares of Genco Shipping & Trading from $27.00 to $30.00 and gave the company a buy rating in a research report on Friday, May 10th. Jefferies Financial Group raised their target price on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the company a buy rating in a research report on Thursday, May 9th. Finally, StockNews.com raised shares of Genco Shipping & Trading from a sell rating to a hold rating in a research report on Friday, May 10th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $25.40.

Genco Shipping & Trading Stock Up 0.9 %

Shares of GNK stock opened at $22.06 on Monday. The firm has a fifty day moving average of $21.86 and a 200-day moving average of $19.76. The company has a quick ratio of 2.94, a current ratio of 3.72 and a debt-to-equity ratio of 0.18. Genco Shipping & Trading has a 12-month low of $12.65 and a 12-month high of $23.43. The company has a market capitalization of $943.29 million, a price-to-earnings ratio of 367.67 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. Genco Shipping & Trading had a net margin of 0.81% and a return on equity of 5.15%. The company had revenue of $117.44 million during the quarter, compared to the consensus estimate of $77.31 million. During the same quarter in the prior year, the firm earned $0.06 earnings per share. The firm’s revenue was up 24.4% compared to the same quarter last year. As a group, equities research analysts predict that Genco Shipping & Trading will post 2.34 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Wednesday, May 22nd were paid a $0.42 dividend. The ex-dividend date was Tuesday, May 21st. This represents a $1.68 dividend on an annualized basis and a yield of 7.62%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.41. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 2,800.00%.

Insider Buying and Selling at Genco Shipping & Trading

In other Genco Shipping & Trading news, Director Arthur L. Regan sold 1,400 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $22.86, for a total value of $32,004.00. Following the completion of the sale, the director now owns 104,414 shares in the company, valued at $2,386,904.04. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.08% of the company’s stock.

Institutional Trading of Genco Shipping & Trading

Hedge funds have recently modified their holdings of the stock. Gladius Capital Management LP acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter worth about $37,000. PNC Financial Services Group Inc. lifted its stake in shares of Genco Shipping & Trading by 1,632.8% during the 3rd 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. CWM LLC lifted its stake in shares of Genco Shipping & Trading by 550.0% during the 4th quarter. CWM LLC now owns 3,796 shares of the shipping company’s stock worth $63,000 after buying an additional 3,212 shares during the last quarter. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter worth about $126,000. Finally, Banque Cantonale Vaudoise increased its position in Genco Shipping & Trading by 236.6% during the first quarter. Banque Cantonale Vaudoise now owns 8,536 shares of the shipping company’s stock worth $174,000 after acquiring an additional 6,000 shares during the period. Institutional investors and hedge funds own 58.62% of the company’s stock.

About Genco Shipping & Trading

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.