Genco Shipping & Trading (NYSE:GNK) Stock Rating Lowered by Stifel Nicolaus

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 morning, MarketBeat reports. Stifel Nicolaus currently has $17.00 price target on the shipping company’s stock, down from their previous price target of $26.00.

Several other equities research analysts have also commented on GNK. Alliance Global Partners boosted their target price on shares of Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective on the stock. Three analysts have 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 has a consensus rating of “Moderate Buy” and a consensus price target of $24.60.

Genco Shipping & Trading Trading Down 3.4 %

Shares of Genco Shipping & Trading stock opened at $15.81 on Wednesday. The firm has a market cap of $675.79 million, a price-to-earnings ratio of 263.42, a price-to-earnings-growth ratio of 0.25 and a beta of 0.95. Genco Shipping & Trading has a 52-week low of $12.65 and a 52-week high of $23.43. The company’s 50-day simple moving average is $17.60 and its 200-day simple moving average is $19.78. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10.

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

Genco Shipping & Trading Cuts Dividend

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

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds have recently bought and sold shares of GNK. Moors & Cabot Inc. boosted its stake in shares of Genco Shipping & Trading by 2.0% during the second quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock valued at $669,000 after acquiring an additional 628 shares during the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of Genco Shipping & Trading by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock worth $1,158,000 after buying an additional 682 shares in the last quarter. CWM LLC raised its position in shares of Genco Shipping & Trading by 109.5% in the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after buying an additional 998 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Genco Shipping & Trading by 12.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock valued at $244,000 after buying an additional 1,279 shares during the period. Finally, Point72 Asset Management L.P. boosted its position in Genco Shipping & Trading by 7.6% during the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock worth $390,000 after acquiring an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

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.