Genco Shipping & Trading (NYSE:GNK) Shares Break Above 50-Day Moving Average – Should You Sell?

Genco Shipping & Trading Limited (NYSE:GNK) shares crossed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $26.34 and traded as high as $26.55. Genco Shipping & Trading shares last traded at $26.4020, with a volume of 848,871 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on GNK shares. Zacks Research upgraded shares of Genco Shipping & Trading from a “strong sell” rating to a “hold” rating in a research note on Friday, November 6th. B. Riley Financial reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. BTIG Research dropped coverage on shares of Genco Shipping & Trading in a research note on Friday, September 18th. They set a “neutral” rating on the stock. Wall Street Zen raised Genco Shipping & Trading to a “hold” rating in a report on Saturday, November 7th. Finally, Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Genco Shipping & Trading currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

Genco Shipping & Trading Price Performance

The firm’s 50-day moving average price is $26.34 and its 200-day moving average price is $24.56. The company has a current ratio of 2.58, a quick ratio of 2.12 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $1.15 billion, a PE ratio of 14.83, a PEG ratio of 2.83 and a beta of 1.08.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, November 4th. The shipping company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The business had revenue of $151.85 million during the quarter, compared to the consensus estimate of $105.04 million. Genco Shipping & Trading had a net margin of 15.48% and a return on equity of 10.88%. The firm’s revenue was up 90.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.01) EPS. On average, equities analysts forecast that Genco Shipping & Trading Limited will post 2.41 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 16th will be given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a yield of 15.9%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.80. The ex-dividend date is Monday, November 16th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 179.78%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership increased its position in shares of Genco Shipping & Trading by 56.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after purchasing an additional 102,868 shares during the last quarter. Empowered Funds LLC raised its holdings in Genco Shipping & Trading by 12.4% during the 1st quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company’s stock valued at $5,113,000 after buying an additional 25,002 shares during the period. First Trust Advisors LP lifted its position in Genco Shipping & Trading by 2.1% in the first quarter. First Trust Advisors LP now owns 135,166 shares of the shipping company’s stock worth $3,048,000 after buying an additional 2,820 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Genco Shipping & Trading by 325.7% in the third quarter. Russell Investments Group Ltd. now owns 117,449 shares of the shipping company’s stock worth $3,071,000 after buying an additional 89,858 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new stake in Genco Shipping & Trading in the first quarter worth $2,552,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading is an international drybulk shipping company that owns and operates vessels carrying commodities for customers around the world. Its fleet includes large Capesize ships and smaller Supramax and Ultramax vessels, serving a range of drybulk cargo needs. The company transports commodities such as iron ore, coal, grain, bauxite, steel products and fertilizers. Its vessels operate on global trade routes, connecting commodity producers and markets across multiple regions. Founded in 2004, Genco is headquartered in New York City.