Genco Shipping & Trading (NYSE:GNK) Share Price Passes Above 50-Day Moving Average – Here’s Why

Genco Shipping & Trading Limited (NYSE:GNK)’s share price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $24.12 and traded as high as $24.39. Genco Shipping & Trading shares last traded at $23.8480, with a volume of 343,691 shares.

Analyst Ratings Changes

Several brokerages recently weighed in on GNK. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Genco Shipping & Trading in a report on Friday, May 8th. Zacks Research downgraded shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Alliance Global Partners lowered shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research note on Thursday, February 19th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Genco Shipping & Trading presently has an average rating of “Hold” and a consensus price target of $23.67.

Genco Shipping & Trading Price Performance

The company has a quick ratio of 2.41, a current ratio of 2.98 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1.04 billion, a PE ratio of 62.76, a PEG ratio of 3.46 and a beta of 0.95. The stock has a 50-day moving average price of $24.12 and a 200 day moving average price of $21.72.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.19. The firm had revenue of $114.43 million for the quarter, compared to analyst estimates of $65.73 million. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The business’s revenue was up 60.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.28) EPS. Equities analysts forecast that Genco Shipping & Trading Limited will post 1.81 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th were given a $0.35 dividend. The ex-dividend date was Monday, May 18th. This represents a $1.40 annualized dividend and a dividend yield of 5.9%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 368.42%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of hedge funds have recently made changes to their positions in the company. Blue Trust Inc. lifted its position in shares of Genco Shipping & Trading by 230.1% in the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock valued at $30,000 after acquiring an additional 939 shares in the last quarter. Advisory Services Network LLC acquired a new position in Genco Shipping & Trading in the 3rd quarter valued at $30,000. Strengthening Families & Communities LLC purchased a new position in Genco Shipping & Trading in the 4th quarter valued at $31,000. Kemnay Advisory Services Inc. purchased a new position in Genco Shipping & Trading in the 4th quarter valued at $32,000. Finally, Sunbelt Securities Inc. acquired a new stake in Genco Shipping & Trading during the 3rd quarter worth $35,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

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.