Kingsview Wealth Management LLC Invests $685,000 in Genco Shipping & Trading Limited (NYSE:GNK)

Kingsview Wealth Management LLC purchased a new stake in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 35,117 shares of the shipping company's stock, valued at approximately $685,000. Kingsview Wealth Management LLC owned approximately 0.08% of Genco Shipping & Trading as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Renaissance Technologies LLC grew its holdings in Genco Shipping & Trading by 66.6% during the second quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company's stock worth $22,376,000 after purchasing an additional 419,730 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Genco Shipping & Trading by 70.8% during the 3rd 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. Algert Global LLC boosted its stake 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 worth $5,098,000 after acquiring an additional 209,093 shares during the period. American Century Companies Inc. increased its holdings in shares of Genco Shipping & Trading by 16.4% during the 2nd quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company's stock worth $23,372,000 after acquiring an additional 154,339 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in Genco Shipping & Trading during the 2nd quarter valued at $3,106,000. Institutional investors own 58.62% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on GNK. Jefferies Financial Group reiterated a "buy" rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a "buy" rating and a $22.00 target price on the stock. Finally, Stifel Nicolaus downgraded 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 note on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.20.

Genco Shipping & Trading Price Performance

NYSE GNK traded down $0.77 during midday trading on Thursday, hitting $16.03. The company had a trading volume of 613,316 shares, compared to its average volume of 586,356. The firm has a 50-day moving average price of $17.32 and a 200-day moving average price of $18.96. The company has a market capitalization of $685.44 million, a PE ratio of 10.21, a P/E/G ratio of 0.27 and a beta of 0.98. 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 twelve month low of $14.02 and a twelve month high of $23.43.

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

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 9.98%. This is a boost from Genco Shipping & Trading's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, November 18th. Genco Shipping & Trading's dividend payout ratio (DPR) is 101.91%.

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.