Genco Shipping & Trading (NYSE:GNK) Sees Large Volume Increase

Genco Shipping & Trading Limited (NYSE:GNK) saw unusually-high trading volume on Monday . Approximately 317,790 shares traded hands during mid-day trading, a decline of 62% from the previous session’s volume of 836,484 shares.The stock last traded at $13.08 and had previously closed at $13.71.

Wall Street Analyst Weigh In

GNK has been the subject of a number of research analyst reports. StockNews.com initiated coverage on shares of Genco Shipping & Trading in a report on Thursday, August 17th. They issued a “hold” rating for the company. TheStreet raised shares of Genco Shipping & Trading from a “c+” rating to a “b-” rating in a report on Friday, June 23rd. BTIG Research reduced their target price on shares of Genco Shipping & Trading from $22.00 to $20.00 and set a “buy” rating for the company in a report on Friday, July 21st. Finally, Stifel Nicolaus reduced their target price on shares of Genco Shipping & Trading from $24.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, July 19th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.40.

Genco Shipping & Trading Trading Down 2.6 %

The company’s 50-day moving average price is $13.83 and its 200-day moving average price is $14.48. The firm has a market cap of $567.78 million, a price-to-earnings ratio of 6.81 and a beta of 1.11. The company has a quick ratio of 3.00, a current ratio of 3.79 and a debt-to-equity ratio of 0.16.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Friday, August 4th. The shipping company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.10. Genco Shipping & Trading had a net margin of 18.69% and a return on equity of 8.90%. The business had revenue of $90.60 million for the quarter, compared to analyst estimates of $61.69 million. During the same quarter last year, the business earned $1.10 earnings per share. The company’s revenue for the quarter was down 34.3% compared to the same quarter last year. Equities analysts expect that Genco Shipping & Trading Limited will post 0.63 EPS for the current fiscal year.

Genco Shipping & Trading Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 23rd. Investors of record on Wednesday, August 16th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, August 15th. This represents a $0.60 dividend on an annualized basis and a yield of 4.49%. Genco Shipping & Trading’s payout ratio is presently 30.77%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors have recently bought and sold shares of GNK. Tucker Asset Management LLC raised its stake in shares of Genco Shipping & Trading by 359.1% in the 2nd quarter. Tucker Asset Management LLC now owns 2,782 shares of the shipping company’s stock valued at $39,000 after acquiring an additional 2,176 shares during the period. California State Teachers Retirement System increased its stake in Genco Shipping & Trading by 9.1% during the 2nd quarter. California State Teachers Retirement System now owns 51,386 shares of the shipping company’s stock worth $721,000 after buying an additional 4,288 shares during the period. Alliancebernstein L.P. increased its stake in Genco Shipping & Trading by 35.1% during the 2nd quarter. Alliancebernstein L.P. now owns 34,450 shares of the shipping company’s stock worth $483,000 after buying an additional 8,950 shares during the period. Wells Fargo & Company MN increased its stake in Genco Shipping & Trading by 12.4% during the 2nd quarter. Wells Fargo & Company MN now owns 55,729 shares of the shipping company’s stock worth $782,000 after buying an additional 6,154 shares during the period. Finally, Walleye Capital LLC increased its stake in Genco Shipping & Trading by 26.7% during the 2nd quarter. Walleye Capital LLC now owns 24,328 shares of the shipping company’s stock worth $341,000 after buying an additional 5,132 shares during the period. 52.75% of the stock is owned by hedge funds and other institutional investors.

About Genco Shipping & Trading

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, grains, coal, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.