Pekin Hardy Strauss Inc. purchased a new position in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 41,650 shares of the shipping company's stock, valued at approximately $812,000. Pekin Hardy Strauss Inc. owned approximately 0.10% of Genco Shipping & Trading as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Genco Shipping & Trading by 4.3% during the first quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company's stock valued at $23,326,000 after acquiring an additional 47,060 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Genco Shipping & Trading by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company's stock valued at $61,145,000 after purchasing an additional 33,150 shares in the last quarter. Algert Global LLC increased its holdings in 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 purchasing an additional 209,093 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Genco Shipping & Trading in the 2nd quarter valued at approximately $3,106,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Genco Shipping & Trading during the 2nd quarter valued at approximately $1,492,000. Hedge funds and other institutional investors own 58.62% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a "buy" rating and a $22.00 price target for the company. 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 decreased their price target for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $24.20.
Get Our Latest Analysis on GNK
Genco Shipping & Trading Stock Performance
Shares of Genco Shipping & Trading stock traded up $0.18 during trading hours on Monday, reaching $17.04. The company's stock had a trading volume of 685,459 shares, compared to its average volume of 585,931. 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 Limited has a one year low of $14.02 and a one year high of $23.43. The company's 50 day simple moving average is $17.41 and its 200 day simple moving average is $19.08. The stock has a market cap of $728.63 million, a P/E ratio of 10.74, a price-to-earnings-growth ratio of 0.27 and a beta of 0.98.
Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, meeting analysts' consensus estimates of $0.41. The company had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. Genco Shipping & Trading's quarterly revenue was up 19.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) earnings per share. As a group, analysts expect that Genco Shipping & Trading Limited will post 1.74 EPS for the current fiscal year.
Genco Shipping & Trading Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be given a $0.40 dividend. The ex-dividend date is Monday, November 18th. This is a positive change from Genco Shipping & Trading's previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a yield of 9.39%. Genco Shipping & Trading's dividend payout ratio (DPR) is currently 101.91%.
About Genco Shipping & Trading
(
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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