Genco Shipping & Trading (NYSE:GNK) Shares Up 6% – Should You Buy?

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price shot up 6% on Tuesday . The stock traded as high as $24.79 and last traded at $24.9750. Approximately 182,677 shares traded hands during trading, a decline of 55% from the average session volume of 403,978 shares. The stock had previously closed at $23.57.

Analysts Set New Price Targets

GNK has been the topic of several recent research reports. Zacks Research lowered 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 restated a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Finally, Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $23.67.

Genco Shipping & Trading Trading Up 6.2%

The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $1.09 billion, a P/E ratio of 66.12, a PEG ratio of 3.42 and a beta of 0.95. The business has a 50 day moving average price of $24.15 and a 200 day moving average price of $22.04.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. The business’s revenue for the quarter was up 60.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.28) earnings per share. Analysts anticipate that Genco Shipping & Trading Limited will post 1.81 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders 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 annualized dividend and a yield of 5.6%. Genco Shipping & Trading’s payout ratio is currently 368.42%.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently modified their holdings of GNK. Blue Trust Inc. boosted its holdings in shares of Genco Shipping & Trading by 230.1% in the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock valued at $30,000 after buying an additional 939 shares during the period. Strengthening Families & Communities LLC acquired a new position in Genco Shipping & Trading in the 4th quarter worth $31,000. Advisory Services Network LLC acquired a new position in Genco Shipping & Trading in the 3rd quarter worth $30,000. Kemnay Advisory Services Inc. bought a new position in Genco Shipping & Trading during the 4th quarter worth about $32,000. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at about $35,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Company Profile

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.