XTX Topco Ltd Purchases New Position in Genco Shipping & Trading Limited (NYSE:GNK)

XTX Topco Ltd acquired a new stake in Genco Shipping & Trading Limited (NYSE:GNK) in the second quarter, according to its most recent filing with the SEC. The fund acquired 20,724 shares of the shipping company’s stock, valued at approximately $442,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Moors & Cabot Inc. grew its position in shares of Genco Shipping & Trading by 2.0% in the second quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock valued at $669,000 after purchasing an additional 628 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in Genco Shipping & Trading by 1.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock valued at $1,158,000 after buying an additional 682 shares in the last quarter. CWM LLC increased its position in shares of Genco Shipping & Trading by 109.5% during the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after buying an additional 998 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Genco Shipping & Trading by 12.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock worth $244,000 after buying an additional 1,279 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Genco Shipping & Trading by 17.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the shipping company’s stock worth $246,000 after buying an additional 1,782 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on GNK shares. Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Alliance Global Partners raised their target price on shares of Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, July 1st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.80.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $18.91 on Wednesday. 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 firm has a market cap of $808.55 million, a PE ratio of 315.17, a price-to-earnings-growth ratio of 0.24 and a beta of 0.95. The business has a 50 day moving average price of $18.05 and a 200-day moving average price of $20.14.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $74.86 million. During the same quarter in the prior year, the company posted $0.27 EPS. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. Equities research analysts predict that Genco Shipping & Trading Limited will post 2.1 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 26th. Shareholders 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 yield of 7.19%. The ex-dividend date was Monday, August 19th. Genco Shipping & Trading’s payout ratio is 2,266.67%.

About Genco Shipping & Trading

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.