Genco Shipping & Trading (NYSE:GNK) Hits New 12-Month High – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $27.76 and last traded at $27.23, with a volume of 182723 shares trading hands. The stock had previously closed at $26.09.

Analyst Ratings Changes

A number of research firms have issued reports on GNK. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.00 price target on shares of Genco Shipping & Trading in a report on Friday, May 8th. Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a research report on Friday, August 7th. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday. Finally, Zacks Research cut Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $26.00.

Genco Shipping & Trading Trading Up 1.3%

The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.97. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 29.04, a P/E/G ratio of 3.06 and a beta of 0.94. The company’s fifty day moving average is $25.05 and its two-hundred day moving average is $23.92.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.60 by $0.05. The business had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $90.59 million. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The business’s quarterly revenue was up 68.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.16) EPS. On average, research analysts anticipate that Genco Shipping & Trading Limited will post 2.25 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 17th will be given a dividend of $0.80 per share. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. This represents a $3.20 dividend on an annualized basis and a yield of 12.1%. The ex-dividend date is Monday, August 17th. Genco Shipping & Trading’s payout ratio is presently 351.65%.

Institutional Investors Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its holdings in shares of Genco Shipping & Trading by 230.1% in the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock valued at $30,000 after buying an additional 939 shares during the period. Advisory Services Network LLC acquired a new stake in Genco Shipping & Trading during the third quarter worth about $30,000. Strengthening Families & Communities LLC acquired a new stake in Genco Shipping & Trading during the fourth quarter worth about $31,000. Kemnay Advisory Services Inc. purchased a new position in Genco Shipping & Trading during the fourth quarter valued at approximately $32,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Genco Shipping & Trading in the second quarter valued at approximately $35,000. 58.62% of the stock is owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.