Genco Shipping & Trading (NYSE:GNK) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Genco Shipping & Trading (NYSE:GNK) from a sell rating to a hold rating in a report published on Saturday morning.

A number of other equities analysts have also issued reports on the company. SEB Equity Research set a $23.00 price target on Genco Shipping & Trading in a research note on Friday, September 26th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 1st. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Genco Shipping & Trading has an average rating of “Buy” and a consensus target price of $21.00.

Genco Shipping & Trading Stock Up 1.0%

Genco Shipping & Trading stock opened at $19.29 on Friday. Genco Shipping & Trading has a 52 week low of $11.20 and a 52 week high of $19.60. The stock has a market cap of $833.88 million, a price-to-earnings ratio of -113.44 and a beta of 1.17. The company’s 50-day moving average price is $17.28 and its two-hundred day moving average price is $16.13. The company has a current ratio of 2.36, a quick ratio of 1.98 and a debt-to-equity ratio of 0.18.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, November 5th. The shipping company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). Genco Shipping & Trading had a negative net margin of 2.14% and a negative return on equity of 0.62%. The company had revenue of $79.92 million during the quarter, compared to analyst estimates of $65.06 million. During the same period in the prior year, the business posted $0.41 EPS. The business’s revenue for the quarter was down 19.5% compared to the same quarter last year. On average, analysts expect that Genco Shipping & Trading will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Monday, November 17th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.1%. Genco Shipping & Trading’s payout ratio is -352.94%.

Insider Activity at Genco Shipping & Trading

In related news, insider Jesper Christensen sold 34,202 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $18.06, for a total value of $617,688.12. Following the completion of the transaction, the insider owned 69,363 shares in the company, valued at $1,252,695.78. This trade represents a 33.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.37% of the stock is currently owned by corporate insiders.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. acquired a new stake in Genco Shipping & Trading during the 2nd quarter worth about $255,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Genco Shipping & Trading by 6,887.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,676,967 shares of the shipping company’s stock worth $22,404,000 after purchasing an additional 1,652,966 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Genco Shipping & Trading by 7.4% during the first quarter. American Century Companies Inc. now owns 1,462,880 shares of the shipping company’s stock worth $19,544,000 after purchasing an additional 101,283 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Genco Shipping & Trading during the first quarter worth approximately $231,000. Finally, CSM Advisors LLC purchased a new position in Genco Shipping & Trading during the second quarter valued at approximately $3,876,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.