Commonwealth Equity Services LLC Increases Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Commonwealth Equity Services LLC raised its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 127.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,166 shares of the shipping company’s stock after purchasing an additional 14,102 shares during the quarter. Commonwealth Equity Services LLC owned about 0.06% of Genco Shipping & Trading worth $536,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. CWM LLC lifted its position in Genco Shipping & Trading by 109.5% during the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after acquiring an additional 998 shares in the last quarter. Banque Cantonale Vaudoise lifted its position in shares of Genco Shipping & Trading by 236.6% during the first quarter. Banque Cantonale Vaudoise now owns 8,536 shares of the shipping company’s stock worth $174,000 after purchasing an additional 6,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Genco Shipping & Trading by 80.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock valued at $191,000 after purchasing an additional 4,003 shares during the period. SeaCrest Wealth Management LLC acquired a new stake in Genco Shipping & Trading during the 1st quarter valued at $203,000. Finally, Victory Capital Management Inc. increased its stake in Genco Shipping & Trading by 16.9% during the 4th quarter. Victory Capital Management Inc. now owns 13,251 shares of the shipping company’s stock worth $220,000 after buying an additional 1,915 shares during the period. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Down 1.1 %

NYSE:GNK opened at $17.97 on Friday. Genco Shipping & Trading Limited has a 52 week low of $12.65 and a 52 week high of $23.43. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10. The company has a market cap of $768.36 million, a PE ratio of 299.50, a P/E/G ratio of 0.24 and a beta of 0.95. The business’s 50 day moving average is $18.14 and its two-hundred day moving average is $20.16.

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

Genco Shipping & Trading Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 19th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 7.57%. The ex-dividend date of this dividend was Monday, August 19th. Genco Shipping & Trading’s dividend payout ratio is presently 2,266.67%.

Wall Street Analysts Forecast Growth

GNK has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company. Alliance Global Partners increased their price target on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a report on Monday, July 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.80.

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.