Alliance Global Partners started coverage on shares of Genco Shipping & Trading (NYSE:GNK – Get Rating) in a report released on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $29.00 target price on the shipping company’s stock.
A number of other brokerages have also recently weighed in on GNK. Jefferies Financial Group assumed coverage on shares of Genco Shipping & Trading in a report on Wednesday, July 20th. They issued a buy rating and a $25.00 price objective for the company. B. Riley upped their price objective on Genco Shipping & Trading from $27.00 to $31.00 in a research report on Friday, May 6th. StockNews.com upgraded Genco Shipping & Trading from a hold rating to a buy rating in a report on Wednesday, July 13th. Finally, Clarkson Capital restated a buy rating on shares of Genco Shipping & Trading in a report on Tuesday, June 14th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Genco Shipping & Trading has an average rating of Moderate Buy and an average price target of $28.20.
Genco Shipping & Trading Trading Down 0.3 %
GNK opened at $17.45 on Wednesday. The company has a quick ratio of 2.16, a current ratio of 2.78 and a debt-to-equity ratio of 0.20. The firm has a market cap of $737.79 million, a P/E ratio of 3.15 and a beta of 0.90. Genco Shipping & Trading has a 52 week low of $13.21 and a 52 week high of $27.15. The business has a fifty day simple moving average of $19.94 and a 200-day simple moving average of $20.48.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last announced its earnings results on Wednesday, May 4th. The shipping company reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). The firm had revenue of $97.76 million for the quarter, compared to analysts’ expectations of $95.11 million. Genco Shipping & Trading had a net margin of 38.70% and a return on equity of 26.38%. On average, equities analysts expect that Genco Shipping & Trading will post 4.62 earnings per share for the current year.
Genco Shipping & Trading Cuts Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 16th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, August 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 11.46%. Genco Shipping & Trading’s payout ratio is currently 57.04%.
Insider Transactions at Genco Shipping & Trading
In other news, CEO John C. Wobensmith sold 100,000 shares of the company’s stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $25.14, for a total value of $2,514,000.00. Following the completion of the transaction, the chief executive officer now owns 399,099 shares in the company, valued at approximately $10,033,348.86. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Robert E. Hughes sold 3,500 shares of the company’s stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $24.79, for a total value of $86,765.00. Following the completion of the sale, the insider now directly owns 742 shares of the company’s stock, valued at approximately $18,394.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO John C. Wobensmith sold 100,000 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $25.14, for a total value of $2,514,000.00. Following the transaction, the chief executive officer now directly owns 399,099 shares in the company, valued at approximately $10,033,348.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,500 shares of company stock valued at $3,732,515. Corporate insiders own 2.50% of the company’s stock.
Hedge Funds Weigh In On Genco Shipping & Trading
A number of hedge funds have recently modified their holdings of GNK. Allspring Global Investments Holdings LLC purchased a new position in Genco Shipping & Trading during the 2nd quarter worth $25,000. Spire Wealth Management purchased a new position in shares of Genco Shipping & Trading during the second quarter worth about $26,000. Acadian Asset Management LLC acquired a new position in Genco Shipping & Trading in the 1st quarter valued at about $26,000. Edmond DE Rothschild Holding S.A. purchased a new stake in Genco Shipping & Trading during the 1st quarter valued at approximately $28,000. Finally, Penserra Capital Management LLC acquired a new stake in Genco Shipping & Trading during the 1st quarter worth approximately $47,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.
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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