Genco Shipping & Trading (NYSE:GNK) Price Target Raised to $27.00

Genco Shipping & Trading (NYSE:GNK) had its price target lifted by Alliance Global Partners from $25.00 to $27.00 in a report published on Monday, MarketBeat Ratings reports. Alliance Global Partners currently has a buy rating on the shipping company’s stock.

A number of other research firms also recently issued reports on GNK. Stifel Nicolaus increased their price objective on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the company a buy rating in a research note on Friday, April 19th. StockNews.com raised Genco Shipping & Trading from a sell rating to a hold rating in a research report on Friday, May 10th. Jefferies Financial Group lifted their price target on Genco Shipping & Trading from $26.00 to $27.00 and gave the company a buy rating in a report on Thursday, May 9th. Finally, B. Riley upped their price objective on Genco Shipping & Trading from $27.00 to $30.00 and gave the stock a buy rating in a research note on Friday, May 10th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $25.40.

Genco Shipping & Trading Price Performance

Shares of GNK stock opened at $22.07 on Monday. Genco Shipping & Trading has a 52-week low of $12.65 and a 52-week high of $23.43. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.94 and a current ratio of 3.72. The firm has a market capitalization of $943.67 million, a P/E ratio of 367.83 and a beta of 0.96. The stock has a 50 day moving average price of $21.88 and a 200 day moving average price of $19.77.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. The company had revenue of $117.44 million for the quarter, compared to analysts’ expectations of $77.31 million. Genco Shipping & Trading had a return on equity of 5.15% and a net margin of 0.81%. Genco Shipping & Trading’s revenue was up 24.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.06 earnings per share. As a group, sell-side analysts predict that Genco Shipping & Trading will post 2.34 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Wednesday, May 22nd were issued a $0.42 dividend. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.41. The ex-dividend date was Tuesday, May 21st. This represents a $1.68 dividend on an annualized basis and a yield of 7.61%. Genco Shipping & Trading’s payout ratio is presently 2,800.00%.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, Director Arthur L. Regan sold 1,400 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $22.86, for a total transaction of $32,004.00. Following the completion of the transaction, the director now directly owns 104,414 shares in the company, valued at $2,386,904.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently added to or reduced their stakes in GNK. SG Americas Securities LLC grew its position in shares of Genco Shipping & Trading by 696.5% in the fourth quarter. SG Americas Securities LLC now owns 78,118 shares of the shipping company’s stock valued at $1,296,000 after purchasing an additional 68,310 shares in the last quarter. Key Colony Management LLC purchased a new stake in Genco Shipping & Trading in the 4th quarter valued at $1,510,000. AQR Capital Management LLC increased its stake in shares of Genco Shipping & Trading by 78.4% in the 3rd quarter. AQR Capital Management LLC now owns 612,440 shares of the shipping company’s stock worth $8,568,000 after acquiring an additional 269,138 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Genco Shipping & Trading by 30.8% during the 4th quarter. Allianz Asset Management GmbH now owns 156,085 shares of the shipping company’s stock worth $2,589,000 after acquiring an additional 36,776 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Genco Shipping & Trading by 1,632.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock valued at $32,000 after acquiring an additional 2,139 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.