Genco Shipping & Trading (NYSE:GNK) Downgraded by Stifel Nicolaus

Stifel Nicolaus downgraded shares of Genco Shipping & Trading (NYSE:GNK) from a buy rating to a hold rating in a research report sent to investors on Wednesday, Marketbeat Ratings reports. Stifel Nicolaus currently has $17.00 target price on the shipping company’s stock, down from their previous target price of $26.00.

Other equities research analysts also recently issued reports about the stock. Alliance Global Partners boosted their target price on shares of Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a report on Monday, July 1st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $24.60.

Genco Shipping & Trading Trading Up 1.3 %

Shares of GNK opened at $15.86 on Wednesday. Genco Shipping & Trading has a fifty-two week low of $12.65 and a fifty-two week high of $23.43. The company has a market capitalization of $678.17 million, a PE ratio of 48.06, a price-to-earnings-growth ratio of 0.23 and a beta of 0.95. The stock has a fifty day moving average of $17.53 and a two-hundred day moving average of $19.71. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, August 7th. The shipping company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.42 by $0.04. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The firm had revenue of $107.00 million during the quarter, compared to analyst estimates of $74.86 million. During the same period in the prior year, the firm posted $0.27 earnings per share. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. As a group, analysts forecast that Genco Shipping & Trading will post 2.1 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 19th were issued a $0.34 dividend. The ex-dividend date was Monday, August 19th. This represents a $1.36 annualized dividend and a yield of 8.58%. Genco Shipping & Trading’s payout ratio is 412.12%.

Institutional Investors Weigh In On Genco Shipping & Trading

Institutional investors have recently bought and sold shares of the business. Semanteon Capital Management LP purchased a new position in shares of Genco Shipping & Trading in the 3rd quarter valued at $905,000. Calton & Associates Inc. acquired a new stake in Genco Shipping & Trading in the 3rd quarter valued at $297,000. Accurate Wealth Management LLC raised its position in Genco Shipping & Trading by 19.2% in the third quarter. Accurate Wealth Management LLC now owns 34,363 shares of the shipping company’s stock valued at $670,000 after purchasing an additional 5,525 shares during the period. Inspire Investing LLC acquired a new position in shares of Genco Shipping & Trading during the third quarter worth about $413,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Genco Shipping & Trading in the third quarter worth about $521,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

About Genco Shipping & Trading

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.