Renaissance Technologies LLC Grows Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Renaissance Technologies LLC increased its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 66.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,050,030 shares of the shipping company’s stock after buying an additional 419,730 shares during the quarter. Renaissance Technologies LLC owned about 2.46% of Genco Shipping & Trading worth $22,376,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in shares of Genco Shipping & Trading by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after buying an additional 33,150 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Genco Shipping & Trading by 6,233.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock valued at $24,395,000 after purchasing an additional 1,181,000 shares during the last quarter. 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 valued at $23,326,000 after purchasing an additional 47,060 shares during the last quarter. American Century Companies Inc. increased its holdings in Genco Shipping & Trading by 16.4% in the 2nd quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock valued at $23,372,000 after purchasing an additional 154,339 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Genco Shipping & Trading by 0.7% in the 2nd quarter. Victory Capital Management Inc. now owns 928,538 shares of the shipping company’s stock valued at $19,787,000 after purchasing an additional 6,566 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $17.97 on Friday. The company has a fifty day simple moving average of $18.14 and a two-hundred day simple moving average of $20.16. The company has a market cap of $768.36 million, a price-to-earnings ratio of 299.50, a price-to-earnings-growth ratio of 0.24 and a beta of 0.95. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10. Genco Shipping & Trading Limited has a 52 week low of $12.65 and a 52 week high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.42 by $0.04. The business had revenue of $107.00 million during the quarter, compared to the consensus estimate of $74.86 million. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.27 earnings per share. As a group, equities analysts anticipate that Genco Shipping & Trading Limited will post 2.1 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 19th were paid a dividend of $0.34 per share. 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 7.57%. Genco Shipping & Trading’s payout ratio is currently 2,266.67%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GNK. Alliance Global Partners lifted their target price 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price for the company. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $25.80.

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.