Genco Shipping & Trading (NYSE:GNK) Sets New 1-Year Low – Here’s What Happened

Genco Shipping & Trading Limited (NYSE:GNK) shares reached a new 52-week low during mid-day trading on Friday . The company traded as low as $14.60 and last traded at $14.62, with a volume of 48358 shares. The stock had previously closed at $15.02.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GNK shares. Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company. Jefferies Financial Group restated a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th. StockNews.com upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating in a report on Monday, December 9th. Finally, Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their target price for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Trading Down 2.2 %

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 fifty day simple moving average of $16.54 and a two-hundred day simple moving average of $18.38. The firm has a market cap of $628.14 million, a PE ratio of 9.36, a PEG ratio of 0.24 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business had revenue of $99.33 million during the quarter, compared to analysts’ expectations of $72.02 million. During the same quarter last year, the business posted ($0.09) EPS. The business’s revenue was up 19.2% on a year-over-year basis. Equities analysts forecast that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were issued a $0.40 dividend. The ex-dividend date was Monday, November 18th. This represents a $1.60 annualized dividend and a yield of 10.89%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio (DPR) is 101.91%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. bought a new position in shares of Genco Shipping & Trading in the 3rd quarter worth approximately $662,000. Tidal Investments LLC raised its position in shares of Genco Shipping & Trading by 13.4% in the 3rd quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock worth $479,000 after acquiring an additional 2,898 shares in the last quarter. Hohimer Wealth Management LLC bought a new position in shares of Genco Shipping & Trading in the 3rd quarter worth approximately $243,000. Geode Capital Management LLC raised its position in shares of Genco Shipping & Trading by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 980,097 shares of the shipping company’s stock worth $19,116,000 after acquiring an additional 11,151 shares in the last quarter. Finally, Barclays PLC raised its position in shares of Genco Shipping & Trading by 499.7% in the 3rd quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock worth $2,016,000 after acquiring an additional 86,147 shares in 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 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.