Genco Shipping & Trading (NYSE:GNK) Sets New 1-Year Low – Here’s What Happened

Shares of Genco Shipping & Trading Limited (NYSE:GNK) reached a new 52-week low on Friday . The company traded as low as $14.60 and last traded at $14.62, with a volume of 48358 shares trading hands. The stock had previously closed at $15.02.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GNK. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price objective for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. StockNews.com raised Genco Shipping & Trading from a “hold” rating to a “buy” rating in a research report on Monday, December 9th. Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Genco Shipping & Trading currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Trading Down 2.2 %

The firm has a 50 day simple moving average of $16.54 and a 200 day simple moving average of $18.38. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $628.14 million, a PE ratio of 9.36, a P/E/G ratio of 0.24 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, meeting the consensus estimate of $0.41. The business had revenue of $99.33 million for the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The company’s revenue was up 19.2% compared to the same quarter last year. During the same period last year, the business posted ($0.09) EPS. Equities analysts expect that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were paid a $0.40 dividend. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a dividend yield of 10.89%. The ex-dividend date was Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 101.91%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently modified their holdings of the company. Moors & Cabot Inc. boosted its stake in shares of Genco Shipping & Trading by 2.0% in the 2nd quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock worth $669,000 after buying an additional 628 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of Genco Shipping & Trading by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock worth $1,158,000 after buying an additional 682 shares during the last quarter. CWM LLC boosted its stake in shares of Genco Shipping & Trading by 109.5% in the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after buying an additional 998 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Genco Shipping & Trading by 12.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock worth $244,000 after buying an additional 1,279 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Genco Shipping & Trading by 7.6% during the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock valued at $390,000 after purchasing an additional 1,300 shares in the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

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.