Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) saw a significant increase in short interest in January. As of January 31st, there was short interest totalling 984,400 shares, an increase of 9.0% from the January 15th total of 903,100 shares. Approximately 2.4% of the shares of the stock are sold short. Based on an average daily volume of 457,300 shares, the days-to-cover ratio is currently 2.2 days.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on GNK shares. Jefferies Financial Group decreased their price target on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday. StockNews.com downgraded shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Finally, Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating and reduced their target price for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $23.00.
Check Out Our Latest Research Report on GNK
Genco Shipping & Trading Stock Performance
Shares of Genco Shipping & Trading stock traded up $0.07 during midday trading on Thursday, hitting $14.69. The company had a trading volume of 1,252,615 shares, compared to its average volume of 454,961. The stock has a market cap of $627.93 million, a price-to-earnings ratio of 9.35, a PEG ratio of 5.69 and a beta of 0.97. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $14.32 and a 200 day simple moving average of $16.15. Genco Shipping & Trading has a 12-month low of $13.51 and a 12-month high of $23.43.
Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.27). The company had revenue of $67.95 million during the quarter, compared to analysts' expectations of $67.36 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. As a group, analysts predict that Genco Shipping & Trading will post 1.69 earnings per share for the current fiscal year.
Genco Shipping & Trading Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 8.17%. The ex-dividend date of this dividend is Tuesday, March 11th. Genco Shipping & Trading's payout ratio is currently 101.91%.
Hedge Funds Weigh In On Genco Shipping & Trading
Several hedge funds and other institutional investors have recently modified their holdings of GNK. Dimensional Fund Advisors LP raised its position in Genco Shipping & Trading by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company's stock worth $39,572,000 after buying an additional 10,193 shares during the last quarter. American Century Companies Inc. raised its position in Genco Shipping & Trading by 8.9% during the 4th quarter. American Century Companies Inc. now owns 1,361,597 shares of the shipping company's stock worth $18,981,000 after buying an additional 111,564 shares during the last quarter. State Street Corp raised its position in Genco Shipping & Trading by 1.0% during the 3rd quarter. State Street Corp now owns 1,190,467 shares of the shipping company's stock worth $23,214,000 after buying an additional 12,001 shares during the last quarter. Townsend & Associates Inc raised its position in Genco Shipping & Trading by 2.2% during the 4th quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company's stock worth $15,318,000 after buying an additional 23,101 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Genco Shipping & Trading by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 990,357 shares of the shipping company's stock worth $13,809,000 after buying an additional 10,260 shares during the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.
About Genco Shipping & Trading
(
Get Free Report)
Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.
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