State Street Corp Increases Stock Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

State Street Corp grew its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 1.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,190,467 shares of the shipping company’s stock after purchasing an additional 12,001 shares during the quarter. State Street Corp owned approximately 2.78% of Genco Shipping & Trading worth $23,214,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Quarry LP boosted its position in shares of Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after purchasing an additional 3,595 shares during the period. Petrus Trust Company LTA acquired a new stake in shares of Genco Shipping & Trading in the third quarter valued at approximately $661,000. Point72 Asset Management L.P. grew its position in shares of Genco Shipping & Trading by 39.0% during the third quarter. Point72 Asset Management L.P. now owns 25,439 shares of the shipping company’s stock worth $496,000 after acquiring an additional 7,139 shares during the last quarter. PDT Partners LLC acquired a new position in shares of Genco Shipping & Trading in the 3rd quarter valued at $1,340,000. Finally, Verition Fund Management LLC purchased a new stake in Genco Shipping & Trading in the 3rd quarter valued at $257,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

Analyst Ratings Changes

GNK has been the topic of a number of recent research reports. Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their price objective for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Finally, 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. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Price Performance

Shares of GNK opened at $13.74 on Monday. The firm has a market capitalization of $587.49 million, a PE ratio of 8.75, a P/E/G ratio of 0.24 and a beta of 0.96. The stock’s 50 day moving average is $16.14 and its two-hundred day moving average is $18.06. Genco Shipping & Trading Limited has a twelve month low of $13.51 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) last announced its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The firm had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. During the same quarter in the prior year, the company posted ($0.09) earnings per share. Genco Shipping & Trading’s quarterly revenue was up 19.2% on a year-over-year basis. Research analysts anticipate that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.64%. 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. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 101.91%.

Genco Shipping & Trading 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.