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BNP Paribas Financial Markets Sells 36,450 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Genco Shipping & Trading logo with Transportation background

BNP Paribas Financial Markets decreased its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 58.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,469 shares of the shipping company's stock after selling 36,450 shares during the period. BNP Paribas Financial Markets owned about 0.06% of Genco Shipping & Trading worth $497,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Pekin Hardy Strauss Inc. bought a new position in Genco Shipping & Trading in the 3rd quarter valued at $812,000. Dimensional Fund Advisors LP grew its position in Genco Shipping & Trading by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company's stock valued at $61,145,000 after buying an additional 33,150 shares during the period. Charles Schwab Investment Management Inc. raised its position in Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company's stock worth $10,345,000 after acquiring an additional 219,907 shares during the period. Foundry Partners LLC boosted its stake in Genco Shipping & Trading by 41.2% in the third quarter. Foundry Partners LLC now owns 336,460 shares of the shipping company's stock valued at $6,561,000 after acquiring an additional 98,195 shares during the last quarter. Finally, Algert Global LLC grew its position in shares of Genco Shipping & Trading by 694.2% during the 2nd quarter. Algert Global LLC now owns 239,213 shares of the shipping company's stock valued at $5,098,000 after acquiring an additional 209,093 shares during the period. Institutional investors own 58.62% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GNK shares. StockNews.com raised Genco Shipping & Trading from a "hold" rating to a "buy" rating in a report on Monday, December 9th. Jefferies Financial Group reiterated a "buy" rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Stifel Nicolaus cut Genco Shipping & Trading from a "buy" rating to a "hold" rating and reduced their price target for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They set a "buy" rating and a $22.00 price objective on the stock. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $24.20.

Read Our Latest Report on Genco Shipping & Trading

Genco Shipping & Trading Stock Down 2.2 %

GNK traded down $0.33 on Friday, hitting $14.69. The company had a trading volume of 366,847 shares, compared to its average volume of 577,861. Genco Shipping & Trading Limited has a 52-week low of $14.59 and a 52-week high of $23.43. The stock has a fifty day simple moving average of $16.54 and a 200-day simple moving average of $18.38. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The firm has a market capitalization of $628.14 million, a P/E ratio of 9.36, a P/E/G ratio of 0.24 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting analysts' consensus estimates of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The firm had revenue of $99.33 million for the quarter, compared to analysts' expectations of $72.02 million. During the same period in the previous year, the firm posted ($0.09) EPS. The business's revenue for the quarter was up 19.2% compared to the same quarter last year. As a group, equities analysts expect that Genco Shipping & Trading Limited will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 10.89%. This is a boost from Genco Shipping & Trading's previous quarterly dividend of $0.34. The ex-dividend date was Monday, November 18th. Genco Shipping & Trading's dividend payout ratio is presently 101.91%.

Genco Shipping & Trading Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Genco Shipping & Trading (NYSE:GNK)

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