Genco Shipping & Trading (NYSE:GNK) Hits New 1-Year High – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $20.68 and last traded at $20.3350, with a volume of 312263 shares traded. The stock had previously closed at $20.23.

Analysts Set New Price Targets

GNK has been the topic of several recent analyst reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Two equities research 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $21.00.

Genco Shipping & Trading Stock Up 1.2%

The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.98 and a current ratio of 2.36. The firm’s fifty day simple moving average is $18.98 and its 200 day simple moving average is $17.59. The stock has a market capitalization of $893.18 million, a price-to-earnings ratio of -121.50 and a beta of 1.19.

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

Genco Shipping & Trading Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 24th. Shareholders of record on Monday, November 17th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.60 annualized dividend and a dividend yield of 2.9%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -352.94%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GNK. IMC Chicago LLC acquired a new position in Genco Shipping & Trading during the 4th quarter worth approximately $201,000. UBS Group AG boosted its holdings in Genco Shipping & Trading by 33.3% during the fourth quarter. UBS Group AG now owns 153,263 shares of the shipping company’s stock worth $2,825,000 after purchasing an additional 38,310 shares during the last quarter. Townsend & Associates Inc lifted its position in Genco Shipping & Trading by 0.7% during the 4th quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock worth $25,373,000 after buying an additional 8,488 shares in the last quarter. State of Alaska Department of Revenue lifted its position in Genco Shipping & Trading by 411.4% during the 4th quarter. State of Alaska Department of Revenue now owns 11,752 shares of the shipping company’s stock worth $216,000 after buying an additional 9,454 shares in the last quarter. Finally, Graham Capital Wealth Management LLC acquired a new position in shares of Genco Shipping & Trading during the 4th quarter worth about $1,742,000. 58.62% of the stock is currently owned by institutional investors.

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.