Genco Shipping & Trading (NYSE:GNK) Share Price Passes Above 50-Day Moving Average – Here’s Why

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $24.12 and traded as high as $24.39. Genco Shipping & Trading shares last traded at $23.8480, with a volume of 343,691 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GNK. Zacks Research cut shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Alliance Global Partners lowered shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research note on Thursday, February 19th. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.00 price target on shares of Genco Shipping & Trading in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Genco Shipping & Trading presently has an average rating of “Hold” and an average target price of $23.67.

Genco Shipping & Trading Stock Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.98. The firm’s 50-day moving average price is $24.12 and its two-hundred day moving average price is $21.72. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 62.76, a PEG ratio of 3.46 and a beta of 0.95.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.19. The firm had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $65.73 million. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. Genco Shipping & Trading’s revenue was up 60.6% compared to the same quarter last year. During the same period last year, the business earned ($0.28) earnings per share. On average, analysts expect that Genco Shipping & Trading Limited will post 1.81 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th were issued a dividend of $0.35 per share. The ex-dividend date was Monday, May 18th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.9%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 368.42%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its position in Genco Shipping & Trading by 68.2% in the first quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company’s stock valued at $725,000 after purchasing an additional 22,007 shares during the period. Amundi lifted its stake in shares of Genco Shipping & Trading by 29.0% in the 1st quarter. Amundi now owns 8,000 shares of the shipping company’s stock valued at $101,000 after purchasing an additional 1,800 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Genco Shipping & Trading by 49.3% during the 1st quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after purchasing an additional 97,766 shares during the period. Dynamic Technology Lab Private Ltd increased its position in shares of Genco Shipping & Trading by 59.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company’s stock worth $238,000 after purchasing an additional 6,660 shares during the last quarter. Finally, Cetera Investment Advisers increased its position in shares of Genco Shipping & Trading by 15.7% during the 2nd quarter. Cetera Investment Advisers now owns 19,983 shares of the shipping company’s stock worth $261,000 after purchasing an additional 2,715 shares during the last quarter. 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.