JPMorgan Chase & Co. Acquires 173,270 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

JPMorgan Chase & Co. increased its position in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 155.0% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 285,091 shares of the shipping company's stock after purchasing an additional 173,270 shares during the period. JPMorgan Chase & Co. owned about 0.67% of Genco Shipping & Trading worth $5,559,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd purchased a new position in Genco Shipping & Trading during the 2nd quarter valued at about $82,000. Quarry LP boosted its holdings in shares of Genco Shipping & Trading by 535.8% during the third quarter. Quarry LP now owns 4,266 shares of the shipping company's stock worth $83,000 after purchasing an additional 3,595 shares during the period. Point72 DIFC Ltd purchased a new position in Genco Shipping & Trading during the second quarter valued at approximately $178,000. Intech Investment Management LLC acquired a new position in Genco Shipping & Trading in the 3rd quarter valued at approximately $202,000. Finally, Evergreen Capital Management LLC purchased a new stake in Genco Shipping & Trading in the 2nd quarter worth approximately $221,000. Institutional investors and hedge funds own 58.62% of the company's stock.

Genco Shipping & Trading Stock Up 0.9 %

NYSE:GNK traded up $0.13 during trading hours on Friday, reaching $14.40. The company's stock had a trading volume of 450,764 shares, compared to its average volume of 412,188. 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 company has a market cap of $615.53 million, a price-to-earnings ratio of 9.17, a price-to-earnings-growth ratio of 0.24 and a beta of 0.99. Genco Shipping & Trading Limited has a one year low of $13.51 and a one year high of $23.43. The business's 50-day moving average is $15.24 and its 200-day moving average is $17.14.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The company had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. During the same quarter in the prior year, the company posted ($0.09) EPS. The firm's revenue was up 19.2% on a year-over-year basis. Equities research analysts predict that Genco Shipping & Trading Limited will post 1.75 EPS for the current 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 given a $0.40 dividend. This is a positive change from Genco Shipping & Trading's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.11%. Genco Shipping & Trading's dividend payout ratio (DPR) is currently 101.91%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. StockNews.com cut shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a report on Tuesday, December 17th. Jefferies Financial Group restated a "buy" rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Finally, Stifel Nicolaus downgraded Genco Shipping & Trading from a "buy" rating to a "hold" rating and cut their price target for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.20.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.