Royce & Associates LP boosted its position in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 43.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 482,687 shares of the shipping company's stock after acquiring an additional 145,471 shares during the period. Royce & Associates LP owned about 1.13% of Genco Shipping & Trading worth $9,412,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. MQS Management LLC purchased a new stake in shares of Genco Shipping & Trading in the third quarter valued at $490,000. Townsend & Associates Inc grew its holdings in Genco Shipping & Trading by 2.7% in the 3rd quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company's stock valued at $20,453,000 after buying an additional 27,783 shares during the period. Semanteon Capital Management LP acquired a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at about $905,000. Calton & Associates Inc. acquired a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at about $297,000. Finally, Accurate Wealth Management LLC boosted its position in shares of Genco Shipping & Trading by 19.2% in the third quarter. Accurate Wealth Management LLC now owns 34,363 shares of the shipping company's stock worth $670,000 after acquiring an additional 5,525 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
GNK has been the subject of several research analyst reports. Jefferies Financial Group reaffirmed a "buy" rating and set a $25.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a "buy" rating and a $22.00 target price on the stock. Finally, Stifel Nicolaus lowered Genco Shipping & Trading from a "buy" rating to a "hold" rating and dropped their price target for the stock 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 company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.20.
View Our Latest Stock Analysis on GNK
Genco Shipping & Trading Stock Down 0.3 %
Shares of NYSE:GNK traded down $0.06 during mid-day trading on Monday, hitting $17.60. 460,683 shares of the company traded hands, compared to its average volume of 586,731. The firm has a market cap of $752.54 million, a P/E ratio of 11.11, a PEG ratio of 0.28 and a beta of 0.98. The firm's 50 day simple moving average is $17.39 and its 200 day simple moving average is $19.27. 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 52-week low of $14.02 and a 52-week high of $23.43.
Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting the consensus estimate 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 net margin of 15.63% and a return on equity of 8.46%. The company's revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.09) EPS. On average, equities analysts anticipate that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.
Genco Shipping & Trading Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 18th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 9.09%. This is an increase from Genco Shipping & Trading's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Monday, November 18th. Genco Shipping & Trading's payout ratio is 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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