Genco Shipping & Trading’s (GNK) “Neutral” Rating Reiterated at BTIG Research

BTIG Research restated their neutral rating on shares of Genco Shipping & Trading (NYSE:GNK) in a research report report published on Friday,Benzinga reports.

GNK has been the topic of several other research reports. Zacks Research lowered shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 19th. B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Finally, Weiss Ratings cut Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $26.00.

Genco Shipping & Trading Trading Down 0.1%

GNK opened at $27.94 on Friday. Genco Shipping & Trading has a one year low of $15.55 and a one year high of $28.42. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.97 and a quick ratio of 2.41. The business has a 50 day simple moving average of $26.14 and a two-hundred day simple moving average of $24.57. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 30.71, a PEG ratio of 3.23 and a beta of 0.93.

Genco Shipping & Trading (NYSE:GNK) last announced 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 company had revenue of $136.41 million during the quarter, compared to analyst estimates of $90.59 million. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The firm’s revenue was up 68.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.16) earnings per share. Analysts predict that Genco Shipping & Trading will post 2.25 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 11.5%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, August 17th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 351.65%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently made changes to their positions in GNK. XY Capital Ltd purchased a new stake in shares of Genco Shipping & Trading in the 4th quarter worth $425,000. Hsbc Holdings PLC bought a new position in Genco Shipping & Trading in the 1st quarter worth $2,552,000. Arrowstreet Capital Limited Partnership raised its stake in Genco Shipping & Trading by 56.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after purchasing an additional 102,868 shares during the period. UBS Group AG raised its position in shares of Genco Shipping & Trading by 33.3% during the fourth quarter. UBS Group AG now owns 153,263 shares of the shipping company’s stock valued at $2,825,000 after buying an additional 38,310 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of Genco Shipping & Trading by 104.8% in the first quarter. Quantinno Capital Management LP now owns 56,860 shares of the shipping company’s stock worth $1,282,000 after buying an additional 29,098 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited (NYSE: GNK) is a global drybulk shipping company that owns and operates vessels used to transport essential commodities. Its cargoes include iron ore, coal, grain and other raw materials that support industrial and agricultural supply chains.

The company operates a diversified fleet of large Capesize vessels and smaller Ultramax and Supramax vessels. This range of ship sizes enables Genco to serve different cargo requirements and trade routes across major international markets, including the Atlantic and Pacific basins.

Founded in 1997 and headquartered in New York City, Genco manages its fleet through a combination of in-house commercial and technical capabilities.