Genco Shipping & Trading (NYSE:GNK) Hits New 52-Week High – Here’s Why

Shares of Genco Shipping & Trading Limited (NYSE:GNK) hit a new 52-week high during trading on Thursday . The stock traded as high as $20.26 and last traded at $20.2550, with a volume of 75001 shares changing hands. The stock had previously closed at $19.96.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on GNK shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 29th. Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Finally, SEB Equity Research set a $23.00 target price on shares of Genco Shipping & Trading in a report on Friday, September 26th. 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, the stock presently has an average rating of “Buy” and an average price target of $21.00.

Genco Shipping & Trading Price Performance

The stock has a market capitalization of $865.23 million, a price-to-earnings ratio of -117.71 and a beta of 1.19. The company has a quick ratio of 1.98, a current ratio of 2.36 and a debt-to-equity ratio of 0.18. The stock has a fifty day moving average of $18.65 and a 200-day moving average of $17.36.

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

Genco Shipping & Trading Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Monday, November 17th were given a $0.15 dividend. 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 3.0%. Genco Shipping & Trading’s dividend payout ratio is -352.94%.

Institutional Investors Weigh In On Genco Shipping & Trading

Large investors have recently modified their holdings of the company. SG Americas Securities LLC raised its position in Genco Shipping & Trading by 0.3% during the second quarter. SG Americas Securities LLC now owns 218,684 shares of the shipping company’s stock worth $2,858,000 after acquiring an additional 617 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Genco Shipping & Trading by 2.3% during the 3rd quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock worth $622,000 after purchasing an additional 779 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Genco Shipping & Trading by 82.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after buying an additional 876 shares in the last quarter. CWM LLC grew its holdings in Genco Shipping & Trading by 61.4% during the 3rd quarter. CWM LLC now owns 2,843 shares of the shipping company’s stock valued at $51,000 after buying an additional 1,082 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Genco Shipping & Trading by 11.0% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 12,695 shares of the shipping company’s stock worth $219,000 after buying an additional 1,262 shares in the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.