Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) shares hit a new 52-week low during trading on Friday . The stock traded as low as $14.60 and last traded at $14.62, with a volume of 48358 shares trading hands. The stock had previously closed at $15.02.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on GNK. 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. Stifel Nicolaus downgraded Genco Shipping & Trading from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a "buy" rating and a $22.00 target price on the stock. Finally, StockNews.com upgraded shares of Genco Shipping & Trading from a "hold" rating to a "buy" rating in a research note on Monday, December 9th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $24.20.
Check Out Our Latest Report on Genco Shipping & Trading
Genco Shipping & Trading Trading Down 2.2 %
The firm has a market cap of $628.14 million, a price-to-earnings ratio of 9.36, a PEG ratio of 0.24 and a beta of 0.96. 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 business has a fifty day simple moving average of $16.54 and a 200-day simple moving average of $18.38.
Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting analysts' consensus estimates of $0.41. The firm had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company's revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. As a group, equities analysts forecast that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current fiscal year.
Genco Shipping & Trading Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 10.89%. The ex-dividend date was Monday, November 18th. This is an increase from Genco Shipping & Trading's previous quarterly dividend of $0.34. Genco Shipping & Trading's dividend payout ratio is currently 101.91%.
Hedge Funds Weigh In On Genco Shipping & Trading
Several hedge funds and other institutional investors have recently bought and sold shares of GNK. Renaissance Technologies LLC grew its position in shares of 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. boosted its holdings in Genco Shipping & Trading by 70.8% in 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 in the last quarter. Algert Global LLC grew its stake in 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 during the period. American Century Companies Inc. increased its holdings in shares of Genco Shipping & Trading by 16.4% during 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 acquiring an additional 154,339 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Genco Shipping & Trading during the second quarter worth approximately $3,106,000. Institutional investors and hedge funds own 58.62% of the company's stock.
Genco Shipping & Trading Company Profile
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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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