Genco Shipping & Trading (NYSE:GNK) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Genco Shipping & Trading (NYSE:GNK) from a hold rating to a strong sell rating in a research report released on Monday morning,Zacks reports.

A number of other equities research analysts have also issued reports on GNK. Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. BTIG Research reissued a “neutral” rating on shares of Genco Shipping & Trading in a research report on Friday, September 18th. B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Finally, Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 29th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $29.00.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $27.12 on Monday. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The company has a market cap of $1.18 billion, a PE ratio of 29.80, a P/E/G ratio of 3.19 and a beta of 0.96. The company’s fifty day simple moving average is $26.51 and its 200-day simple moving average is $25.01. Genco Shipping & Trading has a 52 week low of $15.55 and a 52 week high of $28.42.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.60 by $0.05. The company had revenue of $136.41 million for the quarter, compared to analyst estimates of $90.59 million. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The firm’s revenue was up 68.5% compared to the same quarter last year. During the same period last year, the company posted ($0.16) earnings per share. As a group, equities research analysts anticipate that Genco Shipping & Trading will post 2.22 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 11.8%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, August 17th. Genco Shipping & Trading’s payout ratio is presently 351.65%.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC purchased a new position in shares of Genco Shipping & Trading during the 2nd quarter valued at approximately $446,000. Raiffeisen Bank International AG grew its position in shares of Genco Shipping & Trading by 22.6% during the second quarter. Raiffeisen Bank International AG now owns 65,019 shares of the shipping company’s stock worth $1,611,000 after buying an additional 11,984 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Genco Shipping & Trading in the second quarter worth $35,000. Bank of America Corp DE increased its stake in shares of Genco Shipping & Trading by 33.2% in the first quarter. Bank of America Corp DE now owns 49,457 shares of the shipping company’s stock worth $1,115,000 after buying an additional 12,319 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in Genco Shipping & Trading by 12.4% in the first quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company’s stock valued at $5,113,000 after acquiring an additional 25,002 shares in 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 is a drybulk shipping company that owns and operates ocean-going vessels used to transport commodities worldwide. Its fleet serves the global seaborne trade in major and minor drybulk cargoes, including iron ore, coal, grain, steel products and other raw materials.

The company operates vessels across several drybulk segments, including Capesize, Ultramax, Supramax and Handysize ships. Genco provides transportation services to commodity producers, traders and industrial customers, with voyages covering major international trade routes and ports.

Founded in 2004 and headquartered in New York City, Genco became a publicly traded company in 2005.