Genco Shipping & Trading (NYSE:GNK) Sees Large Volume Increase – Here’s Why

Shares of Genco Shipping & Trading Limited (NYSE:GNK) saw unusually-strong trading volume on Monday . Approximately 816,289 shares were traded during mid-day trading, an increase of 105% from the previous session’s volume of 397,719 shares.The stock last traded at $26.6840 and had previously closed at $26.52.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GNK shares. Zacks Research downgraded shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 19th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.00 target price on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Finally, Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, August 19th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $26.00.

Genco Shipping & Trading Stock Up 1.2%

The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The firm’s 50 day moving average price is $25.19 and its two-hundred day moving average price is $24.03. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 29.97, a price-to-earnings-growth ratio of 3.11 and a beta of 0.94.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 6.46% and a net margin of 9.15%.Genco Shipping & Trading’s quarterly revenue was up 68.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.16) earnings per share. Sell-side analysts anticipate that Genco Shipping & Trading Limited will post 2.25 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 11.7%. The ex-dividend date of this dividend was Monday, August 17th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. Genco Shipping & Trading’s payout ratio is presently 351.65%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several hedge funds have recently bought and sold shares of the stock. XY Capital Ltd acquired a new position in Genco Shipping & Trading during the 4th quarter worth about $425,000. Hsbc Holdings PLC acquired a new position in shares of Genco Shipping & Trading in the first quarter worth approximately $2,552,000. Arrowstreet Capital Limited Partnership boosted its holdings in Genco Shipping & Trading by 56.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after acquiring an additional 102,868 shares during the last quarter. UBS Group AG increased its position in Genco Shipping & Trading by 33.3% during the 4th quarter. UBS Group AG now owns 153,263 shares of the shipping company’s stock valued at $2,825,000 after purchasing an additional 38,310 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in Genco Shipping & Trading by 104.8% during the 1st quarter. Quantinno Capital Management LP now owns 56,860 shares of the shipping company’s stock worth $1,282,000 after purchasing an additional 29,098 shares during the last quarter. 58.62% of the stock is currently 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.