Genco Shipping & Trading (NYSE:GNK) Hits New 1-Year High – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $20.26 and last traded at $20.2550, with a volume of 75001 shares traded. The stock had previously closed at $19.96.

Analyst Upgrades and Downgrades

GNK has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Finally, SEB Equity Research set a $23.00 target price on Genco Shipping & Trading in a report on Friday, September 26th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Price Performance

The company has a market cap of $865.23 million, a PE ratio of -117.71 and a beta of 1.19. 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 company has a 50-day moving average price of $18.65 and a two-hundred day moving average price of $17.36.

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

Genco Shipping & Trading Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Monday, November 17th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.60 annualized dividend and a yield of 3.0%. Genco Shipping & Trading’s payout ratio is -352.94%.

Institutional Trading of Genco Shipping & Trading

Several large investors have recently modified their holdings of GNK. Atlantic Union Bankshares Corp acquired a new position in shares of Genco Shipping & Trading in the third quarter worth about $30,000. Advisory Services Network LLC purchased a new stake in Genco Shipping & Trading during the 3rd quarter worth approximately $30,000. PNC Financial Services Group Inc. raised its position in shares of Genco Shipping & Trading by 82.2% in 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 in the last quarter. Sunbelt Securities Inc. purchased a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at approximately $35,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Genco Shipping & Trading during the third quarter worth approximately $40,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.