Analysts Set Genco Shipping & Trading Limited (NYSE:GNK) Target Price at $23.20

Genco Shipping & Trading Limited (NYSE:GNKGet Rating) has earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $23.20.

A number of analysts recently issued reports on GNK shares. Alliance Global Partners decreased their target price on shares of Genco Shipping & Trading to $27.00 in a research report on Wednesday, November 16th. StockNews.com started coverage on shares of Genco Shipping & Trading in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. B. Riley decreased their target price on shares of Genco Shipping & Trading from $31.00 to $27.00 and set a “buy” rating on the stock in a research report on Monday, October 10th. Jefferies Financial Group decreased their price target on shares of Genco Shipping & Trading from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, September 26th. Finally, Stifel Nicolaus began coverage on shares of Genco Shipping & Trading in a report on Thursday, September 29th. They issued a “buy” rating and a $20.00 price target on the stock.

Genco Shipping & Trading Stock Down 9.6 %

GNK stock opened at $14.28 on Friday. The company’s 50 day simple moving average is $13.91 and its 200-day simple moving average is $17.35. The firm has a market capitalization of $604.43 million, a PE ratio of 2.77 and a beta of 1.01. Genco Shipping & Trading has a 12 month low of $11.92 and a 12 month high of $27.15. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.63 and a quick ratio of 2.05.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 28th. Investors of record on Monday, November 21st will be paid a dividend of $0.78 per share. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, November 18th. This represents a $3.12 annualized dividend and a yield of 21.85%. Genco Shipping & Trading’s payout ratio is 38.83%.

Institutional Investors Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in Genco Shipping & Trading during the 2nd quarter worth $25,000. Spire Wealth Management acquired a new position in Genco Shipping & Trading during the 2nd quarter worth $26,000. Acadian Asset Management LLC acquired a new position in Genco Shipping & Trading during the 1st quarter worth $26,000. Edmond DE Rothschild Holding S.A. acquired a new position in Genco Shipping & Trading during the 1st quarter worth $28,000. Finally, Ensign Peak Advisors Inc grew its holdings in Genco Shipping & Trading by 53.2% during the 3rd quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock worth $30,000 after acquiring an additional 840 shares in the last quarter. Hedge funds and other institutional investors own 80.23% of the company’s stock.

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.

Further Reading

Analyst Recommendations for Genco Shipping & Trading (NYSE:GNK)

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