Semanteon Capital Management LP Makes New Investment in Genco Shipping & Trading Limited (NYSE:GNK)

Semanteon Capital Management LP purchased a new stake in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 46,405 shares of the shipping company's stock, valued at approximately $905,000. Semanteon Capital Management LP owned 0.11% of Genco Shipping & Trading at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC raised 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 stake in shares of Genco Shipping & Trading in the 2nd quarter valued at about $82,000. nVerses Capital LLC acquired a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at about $136,000. Point72 DIFC Ltd bought a new position in shares of Genco Shipping & Trading in the 2nd quarter valued at about $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 valued at $191,000 after acquiring an additional 4,003 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GNK. Stifel Nicolaus cut Genco Shipping & Trading from a "buy" rating to a "hold" rating and decreased their price objective for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Alliance Global Partners raised their price objective on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a "buy" rating in a report on Monday, July 1st. Finally, Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a "buy" rating and a $22.00 price objective for the company. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $24.60.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK traded down $0.21 during midday trading on Monday, reaching $15.66. The company's stock had a trading volume of 596,224 shares, compared to its average volume of 590,335. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59. Genco Shipping & Trading Limited has a fifty-two week low of $12.65 and a fifty-two week high of $23.43. The business's 50 day moving average price is $17.53 and its two-hundred day moving average price is $19.71. The company has a market cap of $669.38 million, a P/E ratio of 261.50, a P/E/G ratio of 0.23 and a beta of 0.95.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.04. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. The company had revenue of $107.00 million during the quarter, compared to the consensus estimate of $74.86 million. During the same period in the previous year, the business earned $0.27 earnings per share. The firm's quarterly revenue was up 18.1% on a year-over-year basis. On average, analysts forecast that Genco Shipping & Trading Limited will post 2.1 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were given a $0.34 dividend. The ex-dividend date was Monday, August 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 8.69%. Genco Shipping & Trading's payout ratio is 2,266.67%.

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.