Genco Shipping & Trading Limited (NYSE:GNK) Shares Acquired by Algert Global LLC

Algert Global LLC grew its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 56.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 373,133 shares of the shipping company's stock after purchasing an additional 133,920 shares during the period. Algert Global LLC owned approximately 0.87% of Genco Shipping & Trading worth $7,276,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in GNK. CWM LLC raised its stake 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 worth $41,000 after purchasing an additional 998 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Genco Shipping & Trading in the 2nd quarter worth $82,000. nVerses Capital LLC bought a new position in Genco Shipping & Trading in the 2nd quarter worth $136,000. Point72 DIFC Ltd purchased a new position in Genco Shipping & Trading during the second quarter valued at $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Genco Shipping & Trading by 80.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company's stock valued at $191,000 after purchasing an additional 4,003 shares during the period. 58.62% of the stock is owned by institutional investors.

Genco Shipping & Trading Trading Up 0.8 %

NYSE:GNK traded up $0.13 during midday trading on Friday, hitting $16.86. 467,268 shares of the company traded hands, compared to its average volume of 528,241. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a 12-month low of $14.02 and a 12-month high of $23.43. The firm has a market capitalization of $720.93 million, a P/E ratio of 10.74, a P/E/G ratio of 0.27 and a beta of 0.98. The firm's fifty day moving average is $17.41 and its 200-day moving average is $19.11.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. The firm had revenue of $99.33 million during the quarter, compared to analysts' expectations of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company's revenue was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.09) EPS. On average, sell-side analysts predict that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 18th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 9.49%. The ex-dividend date is Monday, November 18th. This is a positive change from Genco Shipping & Trading's previous quarterly dividend of $0.34. Genco Shipping & Trading's dividend payout ratio is currently 101.91%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on GNK shares. Jefferies Financial Group reaffirmed a "buy" rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a "buy" rating and a $22.00 price target on the stock. Finally, Stifel Nicolaus lowered Genco Shipping & Trading from a "buy" rating to a "hold" rating and dropped their price target for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Genco Shipping & Trading has an average rating of "Moderate Buy" and a consensus target price of $24.20.

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.