Charles Schwab Investment Management Inc. Buys 219,907 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Charles Schwab Investment Management Inc. increased its position in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 70.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 530,523 shares of the shipping company's stock after purchasing an additional 219,907 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.24% of Genco Shipping & Trading worth $10,345,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. CWM LLC grew its stake in shares of Genco Shipping & Trading by 109.5% in the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company's stock valued at $41,000 after purchasing an additional 998 shares during the period. Point72 Hong Kong Ltd acquired a new position in Genco Shipping & Trading during the second quarter worth $82,000. nVerses Capital LLC bought a new position in shares of Genco Shipping & Trading during the second quarter valued at $136,000. Point72 DIFC Ltd acquired a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Genco Shipping & Trading by 80.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company's stock worth $191,000 after purchasing an additional 4,003 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company's stock.

Genco Shipping & Trading Trading Up 0.9 %

GNK traded up $0.14 during mid-day trading on Tuesday, reaching $15.40. The stock had a trading volume of 164,449 shares, compared to its average volume of 579,237. The firm's fifty day simple moving average is $16.85 and its two-hundred day simple moving average is $18.55. The stock has a market capitalization of $658.50 million, a P/E ratio of 9.72, a P/E/G ratio of 0.24 and a beta of 0.96. Genco Shipping & Trading Limited has a 52 week low of $14.28 and a 52 week high of $23.43. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting analysts' consensus estimates of $0.41. The firm had revenue of $99.33 million during the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The company's revenue was up 19.2% on a year-over-year basis. During the same period last year, the company earned ($0.09) earnings per share. On average, equities 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 announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 10.39%. The ex-dividend date was Monday, November 18th. This is a positive change from Genco Shipping & Trading's previous quarterly dividend of $0.34. Genco Shipping & Trading's payout ratio is currently 101.91%.

Analysts Set New Price Targets

GNK has been the subject of several analyst reports. Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating and cut their price target for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a "buy" rating and a $22.00 target price for the company. StockNews.com upgraded Genco Shipping & Trading from a "hold" rating to a "buy" rating in a research report on Monday. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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.