Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) has been given an average rating of “Buy” by the seven brokerages that are presently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have covered the stock in the last year is $28.00.
A number of brokerages have recently commented on GNK. Jefferies Financial Group began coverage on shares of Genco Shipping & Trading in a report on Wednesday, July 20th. They set a “buy” rating and a $25.00 price target for the company. B. Riley lifted their price target on shares of Genco Shipping & Trading from $27.00 to $31.00 in a report on Friday, May 6th. StockNews.com upgraded shares of Genco Shipping & Trading from a “hold” rating to a “buy” rating in a report on Wednesday, July 13th. Finally, Clarkson Capital reiterated a “buy” rating on shares of Genco Shipping & Trading in a report on Tuesday, June 14th.
Insider Activity at Genco Shipping & Trading
In other Genco Shipping & Trading news, CEO John C. Wobensmith sold 45,000 shares of the business’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $25.15, for a total transaction of $1,131,750.00. Following the completion of the sale, the chief executive officer now directly owns 399,099 shares in the company, valued at $10,037,339.85. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Genco Shipping & Trading news, insider Robert E. Hughes sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $24.79, for a total transaction of $86,765.00. Following the completion of the sale, the insider now directly owns 742 shares in the company, valued at $18,394.18. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John C. Wobensmith sold 45,000 shares of the business’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $25.15, for a total transaction of $1,131,750.00. Following the sale, the chief executive officer now owns 399,099 shares of the company’s stock, valued at $10,037,339.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 148,500 shares of company stock worth $3,732,515. 2.50% of the stock is owned by company insiders.
Institutional Investors Weigh In On Genco Shipping & Trading
Several institutional investors have recently bought and sold shares of the business. First Trust Advisors LP acquired a new position in shares of Genco Shipping & Trading during the first quarter worth $10,469,000. Victory Capital Management Inc. lifted its position in shares of Genco Shipping & Trading by 1,177.9% during the first quarter. Victory Capital Management Inc. now owns 441,690 shares of the shipping company’s stock worth $9,730,000 after purchasing an additional 407,125 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in shares of Genco Shipping & Trading during the fourth quarter worth $5,317,000. Cubist Systematic Strategies LLC lifted its position in shares of Genco Shipping & Trading by 1,275.7% during the fourth quarter. Cubist Systematic Strategies LLC now owns 244,687 shares of the shipping company’s stock worth $3,915,000 after purchasing an additional 226,901 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Genco Shipping & Trading by 454.3% during the first quarter. Invesco Ltd. now owns 274,154 shares of the shipping company’s stock worth $6,476,000 after purchasing an additional 224,698 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.
Genco Shipping & Trading Stock Performance
Shares of GNK opened at $19.28 on Thursday. The company has a current ratio of 2.78, a quick ratio of 2.16 and a debt-to-equity ratio of 0.20. The stock has a market cap of $811.73 million, a P/E ratio of 3.71 and a beta of 0.97. The company has a 50-day moving average of $20.59 and a two-hundred day moving average of $20.39. Genco Shipping & Trading has a 12-month low of $13.21 and a 12-month high of $27.15.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last announced its earnings results on Wednesday, May 4th. The shipping company reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). The business had revenue of $97.76 million for the quarter, compared to analyst estimates of $95.11 million. Genco Shipping & Trading had a return on equity of 25.50% and a net margin of 37.21%. As a group, research analysts predict that Genco Shipping & Trading will post 4.62 EPS for the current fiscal year.
Genco Shipping & Trading Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, May 24th. Investors of record on Monday, May 16th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 16.39%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.67. The ex-dividend date was Friday, May 13th. Genco Shipping & Trading’s payout ratio is presently 60.89%.
Genco Shipping & Trading Company Profile
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.
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