Genco Shipping & Trading (NYSE:GNK) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Genco Shipping & Trading (NYSE:GNK) from a hold rating to a sell rating in a report published on Sunday.

Other equities analysts also recently issued research reports about the company. SEB Equity Research set a $23.00 price objective on Genco Shipping & Trading in a research report on Friday, September 26th. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 8th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Stock Performance

Genco Shipping & Trading stock opened at $18.22 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.36 and a quick ratio of 1.98. The firm has a market capitalization of $787.62 million, a P/E ratio of -107.15 and a beta of 1.17. Genco Shipping & Trading has a 1-year low of $11.20 and a 1-year high of $19.60. The company’s 50-day moving average is $17.38 and its 200 day moving average is $16.34.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, November 5th. The shipping company reported ($0.01) EPS for the quarter, meeting analysts’ consensus estimates of ($0.01). Genco Shipping & Trading had a negative return on equity of 0.62% and a negative net margin of 2.14%.The firm had revenue of $79.92 million for the quarter, compared to analysts’ expectations of $65.06 million. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The company’s quarterly revenue was down 19.5% on a year-over-year basis. Research analysts forecast that Genco Shipping & Trading will post 0.48 EPS for the current year.

Genco Shipping & Trading Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Monday, November 17th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.3%. Genco Shipping & Trading’s dividend payout ratio is presently -352.94%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its position in Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 876 shares during the period. Atlantic Union Bankshares Corp bought a new position in Genco Shipping & Trading in the third quarter worth approximately $30,000. Advisory Services Network LLC bought a new position in Genco Shipping & Trading in the third quarter worth approximately $30,000. Signaturefd LLC lifted its holdings in Genco Shipping & Trading by 239.0% during the second quarter. Signaturefd LLC now owns 2,549 shares of the shipping company’s stock worth $33,000 after buying an additional 1,797 shares during the period. Finally, Sunbelt Securities Inc. purchased a new stake in Genco Shipping & Trading during the third quarter worth $35,000. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.