Point72 Asia Singapore Pte. Ltd. Lowers Stake in Genco Shipping & Trading Limited (NYSE:GNK)

Point72 Asia Singapore Pte. Ltd. reduced its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 56.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,422 shares of the shipping company’s stock after selling 1,874 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Genco Shipping & Trading were worth $30,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Foundry Partners LLC purchased a new stake in shares of Genco Shipping & Trading during the first quarter valued at $3,812,000. Vanguard Group Inc. lifted its stake in Genco Shipping & Trading by 4.3% in the first 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 during the period. BNP Paribas Financial Markets lifted its stake in Genco Shipping & Trading by 965.0% in the first quarter. BNP Paribas Financial Markets now owns 106,003 shares of the shipping company’s stock worth $2,155,000 after acquiring an additional 96,050 shares during the period. Dimensional Fund Advisors LP lifted its stake in Genco Shipping & Trading by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock worth $61,145,000 after acquiring an additional 33,150 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Genco Shipping & Trading by 6,233.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock worth $24,395,000 after acquiring an additional 1,181,000 shares during the period. 58.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Alliance Global Partners upped their price objective on shares of Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Moderate Buy” and an average price target of $25.80.

Genco Shipping & Trading Stock Performance

GNK stock opened at $19.17 on Wednesday. The firm has a market cap of $819.67 million, a price-to-earnings ratio of 319.50, a PEG ratio of 0.26 and a beta of 0.95. The firm has a 50-day simple moving average of $17.94 and a two-hundred day simple moving average of $20.09. Genco Shipping & Trading Limited has a one year low of $12.65 and a one year high of $23.43. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.42 by $0.04. The business had revenue of $107.00 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.27 earnings per share. On average, equities analysts forecast that Genco Shipping & Trading Limited will post 2.1 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 19th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 7.09%. The ex-dividend date was Monday, August 19th. Genco Shipping & Trading’s payout ratio is currently 2,266.67%.

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.