26,739 Shares in Genco Shipping & Trading Limited (NYSE:GNK) Acquired by SG Americas Securities LLC

SG Americas Securities LLC bought a new stake in Genco Shipping & Trading Limited (NYSE:GNK) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,739 shares of the shipping company’s stock, valued at approximately $521,000. SG Americas Securities LLC owned about 0.06% of Genco Shipping & Trading as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Moors & Cabot Inc. lifted its stake 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 worth $669,000 after buying an additional 628 shares during the last quarter. SummerHaven Investment Management LLC lifted its position 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 worth $1,158,000 after acquiring an additional 682 shares during the last quarter. CWM LLC boosted its holdings in 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 acquiring an additional 998 shares during the period. Wealth Enhancement Advisory Services LLC grew its position 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 valued at $244,000 after purchasing an additional 1,279 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of Genco Shipping & Trading by 7.6% during the 2nd quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock worth $390,000 after purchasing an additional 1,300 shares during the last quarter. 58.62% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on GNK. Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target on the stock. Alliance Global Partners increased their price target on shares of 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.80.

Genco Shipping & Trading Trading Down 1.5 %

Shares of Genco Shipping & Trading stock opened at $17.00 on Wednesday. The stock has a market capitalization of $726.67 million, a P/E ratio of 283.25, a price-to-earnings-growth ratio of 0.25 and a beta of 0.95. Genco Shipping & Trading Limited has a 12-month low of $12.65 and a 12-month 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 50-day simple moving average of $17.74 and a 200 day simple moving average of $19.96.

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

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were paid a $0.34 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 8.00%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 2,266.67%.

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.