Genco Shipping & Trading (NYSE:GNK) Shares Gap Down – Here’s Why

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $17.66, but opened at $17.24. Genco Shipping & Trading shares last traded at $17.37, with a volume of 49,943 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GNK. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Finally, Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their target price for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading Trading Down 0.6 %

The firm has a market capitalization of $750.40 million, a price-to-earnings ratio of 11.11, a P/E/G ratio of 0.28 and a beta of 0.98. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The business has a fifty day moving average price of $17.39 and a 200 day moving average price of $19.27.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. During the same quarter last year, the firm posted ($0.09) earnings per share. The business’s quarterly revenue was up 19.2% on a year-over-year basis. As a group, equities analysts forecast that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 18th will be issued a $0.40 dividend. The ex-dividend date is Monday, November 18th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a dividend yield of 9.12%. Genco Shipping & Trading’s payout ratio is 101.91%.

Hedge Funds Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently modified their holdings of the company. CWM LLC increased its stake in shares of Genco Shipping & Trading by 109.5% during the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after acquiring an additional 998 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Genco Shipping & Trading during the second quarter valued at about $82,000. Quarry LP raised its holdings in shares of Genco Shipping & Trading by 535.8% during the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after acquiring an additional 3,595 shares during the period. nVerses Capital LLC purchased a new position in Genco Shipping & Trading during the 2nd quarter worth approximately $136,000. Finally, Point72 DIFC Ltd acquired a new stake in Genco Shipping & Trading during the 2nd quarter valued at $178,000. 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.