JPMorgan Chase & Co. Has $5.56 Million Stock Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

JPMorgan Chase & Co. increased its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 155.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 285,091 shares of the shipping company’s stock after buying an additional 173,270 shares during the quarter. JPMorgan Chase & Co. owned 0.67% of Genco Shipping & Trading worth $5,559,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of GNK. B. Riley Wealth Advisors Inc. bought a new position in shares of Genco Shipping & Trading during the third quarter valued at $662,000. Tidal Investments LLC lifted its holdings in Genco Shipping & Trading by 13.4% during the 3rd quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock valued at $479,000 after purchasing an additional 2,898 shares during the last quarter. Hohimer Wealth Management LLC acquired a new position in Genco Shipping & Trading in the third quarter valued at about $243,000. Geode Capital Management LLC grew its stake in Genco Shipping & Trading by 1.2% during the third quarter. Geode Capital Management LLC now owns 980,097 shares of the shipping company’s stock worth $19,116,000 after buying an additional 11,151 shares during the last quarter. Finally, Barclays PLC grew its stake in Genco Shipping & Trading by 499.7% during the third quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock worth $2,016,000 after buying an additional 86,147 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Down 2.2 %

NYSE:GNK opened at $14.29 on Friday. The company has a market cap of $611.10 million, a price-to-earnings ratio of 9.10, a P/E/G ratio of 0.24 and a beta of 0.99. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The stock’s fifty day moving average price is $15.30 and its two-hundred day moving average price is $17.19. Genco Shipping & Trading Limited has a 52-week low of $13.51 and a 52-week high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.41. The business had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. On average, analysts anticipate that Genco Shipping & Trading Limited will post 1.75 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 11.20%. The ex-dividend date of this dividend was Monday, November 18th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio (DPR) is 101.91%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GNK. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Jefferies Financial Group reissued a “buy” rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Finally, Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their target price for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on 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 Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.