Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) was the recipient of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 863,700 shares, an increase of 18.4% from the November 15th total of 729,200 shares. Based on an average daily volume of 462,500 shares, the days-to-cover ratio is currently 1.9 days. Approximately 2.1% of the shares of the company are sold short.
Institutional Trading of Genco Shipping & Trading
Several institutional investors have recently made changes to their positions in the business. CWM LLC boosted its stake in Genco Shipping & Trading by 109.5% in the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company's stock valued at $41,000 after buying an additional 998 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at $82,000. Quarry LP grew its holdings in shares of Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company's stock worth $83,000 after purchasing an additional 3,595 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth about $136,000. Finally, Point72 DIFC Ltd bought a new position in Genco Shipping & Trading during the 2nd quarter valued at about $178,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
GNK has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They set a "buy" rating and a $22.00 price objective for the company. Stifel Nicolaus downgraded Genco Shipping & Trading from a "buy" rating to a "hold" rating and lowered their price target for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. StockNews.com upgraded Genco Shipping & Trading from a "hold" rating to a "buy" rating in a research note on Monday, December 9th. Finally, Jefferies Financial Group restated a "buy" rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $24.20.
View Our Latest Stock Analysis on GNK
Genco Shipping & Trading Stock Performance
Shares of NYSE GNK traded down $0.07 during mid-day trading on Monday, hitting $14.62. The company had a trading volume of 471,735 shares, compared to its average volume of 577,422. Genco Shipping & Trading has a 12 month low of $14.59 and a 12 month high of $23.43. The firm has a market cap of $624.91 million, a P/E ratio of 9.31, a PEG ratio of 0.24 and a beta of 0.96. The business's 50-day simple moving average is $16.54 and its 200-day simple moving average is $18.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49.
Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. The company had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. Genco Shipping & Trading's revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.09) EPS. As a group, analysts predict that Genco Shipping & Trading will post 1.74 earnings per share for the current fiscal year.
Genco Shipping & Trading Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were paid a $0.40 dividend. This is a boost from Genco Shipping & Trading's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 10.95%. Genco Shipping & Trading's dividend payout ratio is currently 101.91%.
About Genco Shipping & Trading
(
Get Free Report)
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.
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