Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 712,600 shares, a growth of 13.4% from the October 15th total of 628,200 shares. Currently, 1.7% of the company's stock are sold short. Based on an average daily volume of 435,100 shares, the days-to-cover ratio is presently 1.6 days.
Institutional Trading of Genco Shipping & Trading
Several large investors have recently modified their holdings of GNK. Russell Investments Group Ltd. increased its stake in Genco Shipping & Trading by 7.7% during the 1st quarter. Russell Investments Group Ltd. now owns 87,157 shares of the shipping company's stock valued at $1,772,000 after purchasing an additional 6,253 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Genco Shipping & Trading by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company's stock worth $23,326,000 after buying an additional 47,060 shares during the last quarter. Elevatus Welath Management purchased a new position in shares of Genco Shipping & Trading in the 1st quarter worth about $5,850,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Genco Shipping & Trading by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the shipping company's stock worth $246,000 after buying an additional 1,782 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new stake in Genco Shipping & Trading during the first quarter valued at about $400,000. Institutional investors and hedge funds own 58.62% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on the company. Jefferies Financial Group restated a "buy" rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They set a "buy" rating and a $22.00 price target on the stock. Finally, 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 report on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Genco Shipping & Trading presently has an average rating of "Moderate Buy" and a consensus price target of $24.20.
Get Our Latest Stock Report on GNK
Genco Shipping & Trading Stock Up 2.0 %
Shares of NYSE:GNK traded up $0.35 during trading on Monday, hitting $17.62. 460,712 shares of the company were exchanged, compared to its average volume of 586,731. The stock has a market cap of $753.18 million, a price-to-earnings ratio of 11.11, a P/E/G ratio of 0.28 and a beta of 0.98. Genco Shipping & Trading has a fifty-two week low of $14.02 and a fifty-two week high of $23.43. The firm has a fifty day moving average price of $17.39 and a two-hundred day moving average price of $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 earnings per share for the quarter, hitting analysts' consensus estimates of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. During the same period in the previous year, the firm earned ($0.09) EPS. The firm's revenue was up 19.2% compared to the same quarter last year. As a group, research analysts anticipate that Genco Shipping & Trading 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 will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be given a $0.40 dividend. The ex-dividend date is Monday, November 18th. This is an increase from Genco Shipping & Trading's previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a yield of 9.08%. Genco Shipping & Trading's dividend payout ratio (DPR) 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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