Genco Shipping & Trading (NYSE:GNK) Sets New 52-Week Low – Time to Sell?

Genco Shipping & Trading Limited (NYSE:GNK)’s share price hit a new 52-week low on Thursday . The stock traded as low as $13.89 and last traded at $13.89, with a volume of 27971 shares traded. The stock had previously closed at $13.92.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their target price for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading Stock Performance

The business’s fifty day simple moving average is $16.14 and its 200-day simple moving average is $18.12. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The firm has a market capitalization of $587.49 million, a PE ratio of 8.75, a price-to-earnings-growth ratio of 0.24 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.41. The company had revenue of $99.33 million for the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. Genco Shipping & Trading’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. As a group, equities research analysts expect that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were paid a dividend of $0.40 per share. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a yield of 11.64%. The ex-dividend date of this dividend was Monday, November 18th. Genco Shipping & Trading’s payout ratio is presently 101.91%.

Institutional Investors Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pekin Hardy Strauss Inc. purchased a new stake in Genco Shipping & Trading in the third quarter worth $812,000. Dimensional Fund Advisors LP boosted its holdings in shares of Genco Shipping & Trading by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after purchasing an additional 33,150 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Genco Shipping & Trading by 70.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after purchasing an additional 219,907 shares during the period. Foundry Partners LLC grew its position in shares of Genco Shipping & Trading by 41.2% during the 3rd quarter. Foundry Partners LLC now owns 336,460 shares of the shipping company’s stock worth $6,561,000 after buying an additional 98,195 shares in the last quarter. Finally, Petrus Trust Company LTA bought a new stake in shares of Genco Shipping & Trading in the third quarter valued at about $661,000. Hedge funds and other institutional investors 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.