Genco Shipping & Trading (NYSE:GNK) Sees Strong Trading Volume – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK) saw unusually-high trading volume on Tuesday . Approximately 1,672,795 shares traded hands during trading, an increase of 305% from the previous session’s volume of 413,420 shares.The stock last traded at $26.6550 and had previously closed at $27.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GNK shares. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, September 2nd. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Zacks Research lowered shares of Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.00.

Genco Shipping & Trading Price 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 29.85, a price-to-earnings-growth ratio of 3.10 and a beta of 0.93. The stock’s 50 day moving average is $25.77 and its two-hundred day moving average is $24.39.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. The business had revenue of $136.41 million for the quarter, compared to the consensus estimate of $90.59 million. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The business’s quarterly revenue was up 68.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.16) earnings per share. On average, equities analysts anticipate that Genco Shipping & Trading Limited will post 2.25 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were paid a $0.80 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.20 annualized dividend and a yield of 11.8%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35. Genco Shipping & Trading’s dividend payout ratio is currently 351.65%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. raised its position 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 last quarter. Advisory Services Network LLC acquired a new position in Genco Shipping & Trading during the third quarter worth about $30,000. Kemnay Advisory Services Inc. acquired a new position in Genco Shipping & Trading during the fourth quarter worth about $32,000. Public Employees Retirement System of Ohio purchased a new stake in Genco Shipping & Trading during the 2nd quarter valued at about $35,000. Finally, Sunbelt Securities Inc. purchased a new stake in Genco Shipping & Trading during the 3rd quarter valued at about $35,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

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.