Shares of Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) hit a new 52-week low on Thursday . The company traded as low as $13.89 and last traded at $13.89, with a volume of 27971 shares. The stock had previously closed at $13.92.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. Jefferies Financial Group restated a "buy" rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. StockNews.com lowered shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a "buy" rating and a $22.00 price objective for the company. Finally, Stifel Nicolaus downgraded Genco Shipping & Trading from a "buy" rating to a "hold" rating and lowered their target price for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.20.
Read Our Latest Research Report on GNK
Genco Shipping & Trading Stock Down 2.0 %
The business has a 50 day simple moving average of $16.22 and a 200-day simple moving average of $18.18. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The firm has a market capitalization of $583.22 million, a price-to-earnings ratio of 8.69, a P/E/G ratio of 0.24 and a beta of 0.96.
Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.41. The business had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The business's revenue was up 19.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.09) EPS. On average, equities analysts expect that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.
Genco Shipping & Trading Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were given a dividend of $0.40 per share. The ex-dividend date was Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.73%. This is a boost from Genco Shipping & Trading's previous quarterly dividend of $0.34. Genco Shipping & Trading's dividend payout ratio (DPR) is presently 101.91%.
Institutional Investors Weigh In On Genco Shipping & Trading
Several institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC increased its stake in Genco Shipping & Trading by 66.6% during the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company's stock worth $22,376,000 after buying an additional 419,730 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Genco Shipping & Trading by 70.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company's stock worth $10,345,000 after acquiring an additional 219,907 shares during the period. Algert Global LLC raised its stake in shares of Genco Shipping & Trading by 694.2% in the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company's stock valued at $5,098,000 after acquiring an additional 209,093 shares in the last quarter. American Century Companies Inc. boosted its holdings in Genco Shipping & Trading by 16.4% in the second quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company's stock valued at $23,372,000 after purchasing an additional 154,339 shares during the period. Finally, Marshall Wace LLP acquired a new position in Genco Shipping & Trading during the 2nd quarter worth $3,106,000. Hedge funds and other institutional investors own 58.62% of the company's stock.
Genco Shipping & Trading Company Profile
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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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