Genco Shipping & Trading (NYSE:GNK) Sets New 12-Month High – Here’s What Happened

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $19.82 and last traded at $19.7750, with a volume of 254058 shares traded. The stock had previously closed at $19.60.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wall Street Zen downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Finally, SEB Equity Research set a $23.00 price target 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 issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $21.00.

Genco Shipping & Trading Stock Performance

The stock has a market capitalization of $861.10 million, a price-to-earnings ratio of -117.14 and a beta of 1.19. The company has a current ratio of 2.36, a quick ratio of 1.98 and a debt-to-equity ratio of 0.18. The company’s 50-day simple moving average is $18.43 and its 200-day simple moving average is $17.15.

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

Genco Shipping & Trading Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Monday, November 17th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, November 17th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently -352.94%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in Genco Shipping & Trading by 68.2% during the first quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company’s stock valued at $725,000 after buying an additional 22,007 shares during the last quarter. Amundi raised its holdings in Genco Shipping & Trading by 29.0% in the 1st quarter. Amundi now owns 8,000 shares of the shipping company’s stock worth $101,000 after acquiring an additional 1,800 shares during the last quarter. AQR Capital Management LLC lifted its position in Genco Shipping & Trading by 49.3% in the 1st quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock valued at $3,957,000 after acquiring an additional 97,766 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in shares of Genco Shipping & Trading by 59.5% in 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 in the last quarter. Finally, Strs Ohio bought a new stake in shares of Genco Shipping & Trading in the 1st quarter worth $540,000. Institutional investors own 58.62% of the company’s stock.

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.