Genco Shipping & Trading (NYSE:GNK) Downgraded by Stifel Nicolaus to Hold

Stifel Nicolaus downgraded shares of Genco Shipping & Trading (NYSE:GNK) from a buy rating to a hold rating in a research note issued to investors on Wednesday, MarketBeat.com reports. Stifel Nicolaus currently has $17.00 target price on the shipping company’s stock, down from their prior target price of $26.00.

A number of other analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target for the company. Alliance Global Partners upped their price target on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a report on Monday, July 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Genco Shipping & Trading has an average rating of “Moderate Buy” and a consensus target price of $24.60.

Genco Shipping & Trading Price Performance

GNK stock opened at $15.81 on Wednesday. Genco Shipping & Trading has a 1 year low of $12.65 and a 1 year high of $23.43. The firm has a market capitalization of $675.79 million, a P/E ratio of 263.42, a P/E/G ratio of 0.25 and a beta of 0.95. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94. The business’s 50-day moving average is $17.60 and its two-hundred day moving average is $19.78.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.42 by $0.04. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. The company had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $74.86 million. During the same quarter in the previous year, the business posted $0.27 EPS. The firm’s revenue was up 18.1% on a year-over-year basis. Analysts anticipate that Genco Shipping & Trading will post 2.1 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Monday, August 19th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 8.60%. The ex-dividend date of this dividend was Monday, August 19th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 2,266.67%.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of hedge funds have recently modified their holdings of GNK. Calton & Associates Inc. purchased a new position in Genco Shipping & Trading during the 3rd quarter worth $297,000. Accurate Wealth Management LLC boosted its stake in shares of Genco Shipping & Trading by 19.2% during the third quarter. Accurate Wealth Management LLC now owns 34,363 shares of the shipping company’s stock worth $670,000 after buying an additional 5,525 shares during the period. Inspire Investing LLC purchased a new position in shares of Genco Shipping & Trading during the third quarter worth about $413,000. SG Americas Securities LLC acquired a new position in Genco Shipping & Trading in the 3rd quarter valued at about $521,000. Finally, Point72 Asset Management L.P. raised its stake in Genco Shipping & Trading by 7.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock valued at $390,000 after acquiring an additional 1,300 shares during the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Genco Shipping & Trading Company Profile

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