Genco Shipping & Trading (NYSE:GNK) Shares Gap Down - Time to Sell?

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $17.66, but opened at $17.24. Genco Shipping & Trading shares last traded at $17.37, with a volume of 49,943 shares.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Jefferies Financial Group reiterated a "buy" rating and issued a $25.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Stifel Nicolaus cut Genco Shipping & Trading from a "buy" rating to a "hold" rating and dropped their price target for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a "buy" rating and a $22.00 price target for the company. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $24.20.

Genco Shipping & Trading Stock Up 2.0 %

The company has a market cap of $753.18 million, a P/E ratio of 11.22, a PEG ratio of 0.28 and a beta of 0.98. The stock's 50-day moving average price is $17.39 and its 200-day moving average price is $19.27. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The firm had revenue of $99.33 million for the quarter, compared to analysts' expectations of $72.02 million. During the same quarter last year, the firm earned ($0.09) EPS. The company's quarterly revenue was up 19.2% compared to the same quarter last year. As a group, research analysts forecast that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $1.60 annualized dividend and a dividend yield of 9.08%. This is a boost from Genco Shipping & Trading's previous quarterly dividend of $0.34. Genco Shipping & Trading's dividend payout ratio (DPR) is currently 101.91%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in shares of Genco Shipping & Trading by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 980,097 shares of the shipping company's stock worth $19,116,000 after purchasing an additional 11,151 shares during the last quarter. Barclays PLC increased its stake in shares of Genco Shipping & Trading by 499.7% during the 3rd quarter. Barclays PLC now owns 103,387 shares of the shipping company's stock worth $2,016,000 after purchasing an additional 86,147 shares during the last quarter. Y Intercept Hong Kong Ltd grew its stake in Genco Shipping & Trading by 32.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 33,996 shares of the shipping company's stock valued at $663,000 after buying an additional 8,401 shares in the last quarter. State Street Corp grew its stake in Genco Shipping & Trading by 1.0% in the 3rd quarter. State Street Corp now owns 1,190,467 shares of the shipping company's stock valued at $23,214,000 after buying an additional 12,001 shares in the last quarter. Finally, Quarry LP grew its stake in Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company's stock valued at $83,000 after buying an additional 3,595 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company's stock.

Genco Shipping & Trading Company Profile

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.