Genco Shipping & Trading (NYSE:GNK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Genco Shipping & Trading (NYSE:GNK) to a hold rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also recently commented on GNK. B. Riley Financial reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Weiss Ratings cut shares of Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, October 26th. BTIG Research dropped coverage on shares of Genco Shipping & Trading in a research report on Friday, September 18th. They set a “neutral” rating for the company. Finally, Zacks Research downgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a research report on Monday, October 5th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Genco Shipping & Trading has an average rating of “Hold” and an average target price of $29.00.

Genco Shipping & Trading Trading Down 0.3%

Genco Shipping & Trading stock opened at $25.93 on Friday. The business has a 50-day simple moving average of $26.34 and a two-hundred day simple moving average of $24.47. The company has a market cap of $1.13 billion, a P/E ratio of 11.34, a P/E/G ratio of 2.89 and a beta of 1.08. Genco Shipping & Trading has a 52-week low of $16.85 and a 52-week high of $28.42. The company has a quick ratio of 2.41, a current ratio of 2.97 and a debt-to-equity ratio of 0.36.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 4th. The shipping company reported $0.88 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.01). Genco Shipping & Trading had a net margin of 15.48% and a return on equity of 10.89%. The business had revenue of $151.85 million for the quarter, compared to analysts’ expectations of $105.04 million. During the same period in the previous year, the company earned ($0.01) EPS. Genco Shipping & Trading’s revenue for the quarter was up 90.0% compared to the same quarter last year. Analysts predict that Genco Shipping & Trading will post 2.41 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Monday, November 16th will be issued a $1.05 dividend. The ex-dividend date of this dividend is Monday, November 16th. This represents a $4.20 annualized dividend and a yield of 16.2%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.80. Genco Shipping & Trading’s payout ratio is currently 179.78%.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors have recently bought and sold shares of GNK. Unison Advisors LLC increased its stake in Genco Shipping & Trading by 1.4% in the third quarter. Unison Advisors LLC now owns 39,619 shares of the shipping company’s stock worth $1,036,000 after purchasing an additional 535 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Genco Shipping & Trading by 77.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,012 shares of the shipping company’s stock worth $79,000 after purchasing an additional 1,310 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Genco Shipping & Trading in the 2nd quarter worth approximately $35,000. Parallel Advisors LLC boosted its stake in shares of Genco Shipping & Trading by 114.1% during the third quarter. Parallel Advisors LLC now owns 3,550 shares of the shipping company’s stock valued at $93,000 after purchasing an additional 1,892 shares in the last quarter. Finally, Fortitude Family Office LLC boosted its stake in shares of Genco Shipping & Trading by 697.2% during the third quarter. Fortitude Family Office LLC now owns 2,280 shares of the shipping company’s stock valued at $60,000 after purchasing an additional 1,994 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 drybulk shipping company that owns and operates a fleet of oceangoing vessels. The company transports essential commodities, including iron ore, grain, coal and other major and minor bulk cargoes, for customers around the world.

Genco’s fleet includes large Capesize vessels as well as Ultramax, Supramax and Handysize ships. These vessels serve different segments of the drybulk market and support the movement of raw materials used in energy production, agriculture, construction and industrial manufacturing.

Founded in 1997 and headquartered in New York, Genco serves international trade routes across major global commodity markets.