Genco Shipping & Trading Limited (NYSE:GNK) Given Consensus Rating of “Buy” by Brokerages

Posted by on Jun 8th, 2022

Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) has earned a consensus rating of “Buy” from the seven analysts that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $29.00.

Several equities analysts recently issued reports on GNK shares. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday. B. Riley increased their target price on shares of Genco Shipping & Trading from $27.00 to $31.00 in a research note on Friday, May 6th. Zacks Investment Research lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, April 26th. Finally, Jefferies Financial Group initiated coverage on shares of Genco Shipping & Trading in a research report on Wednesday, April 27th. They set a “buy” rating on the stock.

In other Genco Shipping & Trading news, CEO John C. Wobensmith sold 45,000 shares of the stock in a transaction on Friday, May 27th. The stock was sold at an average price of $25.15, for a total value of $1,131,750.00. Following the sale, the chief executive officer now directly owns 399,099 shares of the company’s stock, valued at $10,037,339.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert E. Hughes sold 3,500 shares of the stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $24.79, for a total value of $86,765.00. Following the completion of the sale, the insider now directly owns 742 shares in the company, valued at $18,394.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 148,500 shares of company stock valued at $3,732,515. 2.50% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in GNK. Ensign Peak Advisors Inc acquired a new stake in Genco Shipping & Trading in the 4th quarter valued at approximately $25,000. Acadian Asset Management LLC acquired a new stake in Genco Shipping & Trading in the 1st quarter valued at approximately $26,000. Edmond DE Rothschild Holding S.A. acquired a new stake in Genco Shipping & Trading in the 1st quarter valued at approximately $28,000. Penserra Capital Management LLC acquired a new stake in Genco Shipping & Trading in the 1st quarter valued at approximately $47,000. Finally, Meeder Asset Management Inc. acquired a new stake in Genco Shipping & Trading in the 1st quarter valued at approximately $54,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

NYSE:GNK traded down $2.97 during trading hours on Wednesday, hitting $23.96. 40,120 shares of the company were exchanged, compared to its average volume of 1,251,064. The company’s 50 day moving average price is $23.32 and its 200-day moving average price is $19.41. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 4.64 and a beta of 0.84. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.78 and a quick ratio of 2.16. Genco Shipping & Trading has a 52-week low of $13.21 and a 52-week high of $27.15.

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 24th. Stockholders of record on Monday, May 16th were issued a dividend of $0.79 per share. The ex-dividend date of this dividend was Friday, May 13th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 13.19%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.67. Genco Shipping & Trading’s payout ratio is presently 60.89%.

About Genco Shipping & Trading (Get Rating)

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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