Genco Shipping & Trading (NYSE:GNK) Stock Price Down 4.8% – Here’s Why

Shares of Genco Shipping & Trading Limited (NYSE:GNK) fell 4.8% on Wednesday . The company traded as low as $26.47 and last traded at $26.00. Approximately 21,008 shares traded hands during trading, a decline of 95% from the average session volume of 406,299 shares. The stock had previously closed at $27.32.

Analysts Set New Price Targets

GNK has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $29.00 price objective on shares of Genco Shipping & Trading in a research report on Friday, May 8th. B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 19th. Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Finally, Zacks Research lowered Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 19th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $26.00.

Genco Shipping & Trading Price Performance

The business’s 50 day moving average is $25.19 and its two-hundred day moving average is $24.03. The firm has a market capitalization of $1.12 billion, a PE ratio of 28.11, a P/E/G ratio of 3.11 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.97 and a quick ratio of 2.41.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. The business had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $90.59 million. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The business’s quarterly revenue was up 68.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.16) EPS. As a group, research analysts anticipate that Genco Shipping & Trading Limited will post 2.25 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were given a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 12.5%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, August 17th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 351.65%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GNK. Blue Trust Inc. lifted its stake in Genco Shipping & Trading by 230.1% during the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock worth $30,000 after purchasing an additional 939 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Genco Shipping & Trading in the 3rd quarter worth about $30,000. Strengthening Families & Communities LLC bought a new position in shares of Genco Shipping & Trading during the 4th quarter valued at about $31,000. Kemnay Advisory Services Inc. bought a new position in shares of Genco Shipping & Trading during the 4th quarter valued at about $32,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Genco Shipping & Trading during the 2nd quarter valued at about $35,000. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

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.