Genco Shipping & Trading (NYSE:GNK) Sees Unusually-High Trading Volume – Time to Buy?

Genco Shipping & Trading Limited (NYSE:GNK) saw strong trading volume on Monday . 816,289 shares traded hands during trading, an increase of 105% from the previous session’s volume of 397,719 shares.The stock last traded at $26.6840 and had previously closed at $26.52.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Zacks Research lowered Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 19th. Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $29.00 price target on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Finally, Weiss Ratings raised Genco Shipping & Trading from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $26.00.

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 2.97. The stock has a market capitalization of $1.18 billion, a PE ratio of 29.68, a P/E/G ratio of 3.07 and a beta of 0.94. The firm’s 50 day moving average is $25.05 and its two-hundred day moving average is $23.94.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. The business 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 company’s revenue was up 68.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) earnings per share. As a group, research analysts predict that Genco Shipping & Trading Limited will post 2.25 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 17th will be issued a dividend of $0.80 per share. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.35. The ex-dividend date is Monday, August 17th. This represents a $3.20 annualized dividend and a yield of 11.8%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 351.65%.

Hedge Funds Weigh In On Genco Shipping & Trading

Institutional investors and hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System increased its stake in shares of Genco Shipping & Trading by 2,886.5% during the second quarter. California State Teachers Retirement System now owns 870,026 shares of the shipping company’s stock worth $21,559,000 after buying an additional 840,894 shares during the period. Focus Partners Wealth grew its holdings in Genco Shipping & Trading by 3.1% during the 4th quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock worth $15,385,000 after acquiring an additional 26,326 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Genco Shipping & Trading by 14.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock valued at $13,799,000 after purchasing an additional 96,703 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Genco Shipping & Trading by 100.3% in the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock valued at $10,013,000 after purchasing an additional 272,094 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Genco Shipping & Trading by 0.9% in the 3rd quarter. Bridgeway Capital Management LLC now owns 456,157 shares of the shipping company’s stock valued at $8,120,000 after purchasing an additional 4,288 shares in the last quarter. 58.62% of the stock is 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.