Victory Capital Management Inc. reduced its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 91.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 83,978 shares of the shipping company's stock after selling 844,560 shares during the quarter. Victory Capital Management Inc. owned approximately 0.20% of Genco Shipping & Trading worth $1,638,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Townsend & Associates Inc boosted its position in Genco Shipping & Trading by 2.7% during the third quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company's stock valued at $20,453,000 after purchasing an additional 27,783 shares during the last quarter. Semanteon Capital Management LP acquired a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at about $905,000. Calton & Associates Inc. bought a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at approximately $297,000. Accurate Wealth Management LLC increased its holdings in 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 buying an additional 5,525 shares during the last quarter. Finally, Inspire Investing LLC bought a new position in Genco Shipping & Trading during the third quarter valued at approximately $413,000. 58.62% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts have commented on GNK shares. Jefferies Financial Group reissued a "buy" rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating and lowered their target price for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a "buy" rating and a $22.00 price target for the company. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.20.
Get Our Latest Report on Genco Shipping & Trading
Genco Shipping & Trading Stock Performance
Genco Shipping & Trading stock traded down $0.25 on Tuesday, reaching $16.79. 656,205 shares of the stock were exchanged, compared to its average volume of 586,238. The stock has a market cap of $717.91 million, a PE ratio of 10.69, a PEG ratio of 0.27 and a beta of 0.98. The firm has a fifty day moving average price of $17.41 and a two-hundred day moving average price of $19.04. Genco Shipping & Trading Limited has a twelve month low of $14.02 and a twelve month high of $23.43. 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 (NYSE:GNK - Get Free Report) last announced its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting the consensus estimate of $0.41. The firm 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%. The firm's revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.09) EPS. Sell-side analysts anticipate that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.
Genco Shipping & Trading Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a yield of 9.53%. This is a positive change from Genco Shipping & Trading's previous quarterly dividend of $0.34. Genco Shipping & Trading's payout ratio is 101.91%.
Genco Shipping & Trading Profile
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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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