Barclays PLC Has $2.02 Million Stake in Genco Shipping & Trading Limited (NYSE:GNK)

Barclays PLC raised its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 499.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 103,387 shares of the shipping company’s stock after buying an additional 86,147 shares during the quarter. Barclays PLC owned about 0.24% of Genco Shipping & Trading worth $2,016,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Point72 Hong Kong Ltd bought a new position in shares of Genco Shipping & Trading during the second quarter worth $82,000. Quarry LP lifted its holdings in Genco Shipping & Trading by 535.8% during the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after acquiring an additional 3,595 shares in the last quarter. nVerses Capital LLC acquired a new position in Genco Shipping & Trading in the second quarter valued at about $136,000. Point72 DIFC Ltd bought a new stake in shares of Genco Shipping & Trading in the second quarter worth about $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Genco Shipping & Trading by 80.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock worth $191,000 after purchasing an additional 4,003 shares during the period. 58.62% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft started coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price for the company. Jefferies Financial Group reissued a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Finally, Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their target price for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Stock Performance

NYSE GNK opened at $14.03 on Friday. The company has a fifty day moving average price of $15.96 and a 200-day moving average price of $17.92. The firm has a market cap of $599.89 million, a price-to-earnings ratio of 8.94, a PEG ratio of 0.24 and a beta of 0.96. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. Genco Shipping & Trading Limited has a 1 year low of $13.51 and a 1 year high of $23.43.

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

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were issued a dividend of $0.40 per share. 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 dividend yield of 11.40%. The ex-dividend date of this dividend was Monday, November 18th. Genco Shipping & Trading’s payout ratio is currently 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.