Genco Shipping & Trading (NYSE:GNK) Share Price Crosses Below Fifty Day Moving Average – Here’s Why

Genco Shipping & Trading Limited (NYSE:GNK) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $15.57 and traded as low as $13.69. Genco Shipping & Trading shares last traded at $14.07, with a volume of 291,164 shares traded.

Analysts Set New Price Targets

A number of research firms recently weighed in on GNK. Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price target for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Stock Up 0.4 %

The stock has a 50-day moving average price of $15.57 and a 200-day moving average price of $17.47. The company has a market capitalization of $601.61 million, a P/E ratio of 8.96, a P/E/G ratio of 0.23 and a beta of 0.99. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49.

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

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 11.37%. The ex-dividend date was Monday, November 18th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio (DPR) is 101.91%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in Genco Shipping & Trading by 10.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 161,788 shares of the shipping company’s stock valued at $3,448,000 after purchasing an additional 15,529 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of Genco Shipping & Trading by 127.5% during the second quarter. Commonwealth Equity Services LLC now owns 25,166 shares of the shipping company’s stock valued at $536,000 after acquiring an additional 14,102 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Genco Shipping & Trading by 0.7% during the second quarter. Victory Capital Management Inc. now owns 928,538 shares of the shipping company’s stock valued at $19,787,000 after buying an additional 6,566 shares during the period. American Century Companies Inc. raised its holdings in Genco Shipping & Trading by 16.4% in the 2nd quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock worth $23,372,000 after purchasing an additional 154,339 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. purchased a new stake in Genco Shipping & Trading in the second quarter worth about $543,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

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.