Victory Capital Management Inc. Decreases Stake in Genco Shipping & Trading Limited (NYSE:GNK)

Victory Capital Management Inc. cut its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 91.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 0.20% of Genco Shipping & Trading worth $1,638,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Genco Shipping & Trading by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock worth $23,326,000 after acquiring an additional 47,060 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Genco Shipping & Trading by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the shipping company’s stock worth $246,000 after acquiring an additional 1,782 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Genco Shipping & Trading by 18.4% in the first quarter. Tidal Investments LLC now owns 19,743 shares of the shipping company’s stock valued at $401,000 after purchasing an additional 3,068 shares during the period. CWM LLC grew its holdings 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. Finally, Linden Thomas Advisory Services LLC boosted its position in Genco Shipping & Trading by 10.0% during the second quarter. Linden Thomas Advisory Services LLC now owns 23,046 shares of the shipping company’s stock valued at $491,000 after purchasing an additional 2,101 shares in the last quarter. 58.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GNK shares. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their target price for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Genco Shipping & Trading has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK opened at $17.04 on Tuesday. Genco Shipping & Trading Limited has a 52 week low of $14.02 and a 52 week high of $23.43. The stock has a market capitalization of $728.63 million, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 0.27 and a beta of 0.98. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The firm has a 50-day simple moving average of $17.41 and a 200-day simple moving average of $19.08.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, meeting the consensus estimate of $0.41. The firm had revenue of $99.33 million during the quarter, compared to analysts’ expectations of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) earnings per share. On average, equities analysts predict that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 18th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 9.39%. Genco Shipping & Trading’s payout ratio is 101.91%.

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.