AQR Capital Management LLC Lowers Position in Genco Shipping & Trading Limited (NYSE:GNK)

AQR Capital Management LLC decreased its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 14.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 229,919 shares of the shipping company’s stock after selling 37,421 shares during the quarter. AQR Capital Management LLC owned approximately 0.54% of Genco Shipping & Trading worth $4,900,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in Genco Shipping & Trading by 1.2% in the 2nd 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of 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 purchasing an additional 1,181,000 shares during the period. Vanguard Group Inc. raised its position in shares of Genco Shipping & Trading by 4.3% during 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 period. American Century Companies Inc. lifted its stake in shares of Genco Shipping & Trading by 16.4% during 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 buying an additional 154,339 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Genco Shipping & Trading by 66.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock worth $22,376,000 after buying an additional 419,730 shares during the period. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Down 1.0 %

Shares of Genco Shipping & Trading stock opened at $18.42 on Friday. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10. The firm has a market cap of $787.60 million, a price-to-earnings ratio of 307.00, a PEG ratio of 0.26 and a beta of 0.95. Genco Shipping & Trading Limited has a twelve month low of $12.65 and a twelve month high of $23.43. The business has a 50-day moving average price of $17.84 and a 200-day moving average price of $20.06.

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

Genco Shipping & Trading Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Monday, August 19th were given a dividend of $0.34 per share. The ex-dividend date was Monday, August 19th. This represents a $1.36 annualized dividend and a yield of 7.38%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 2,266.67%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target on the stock. Alliance Global Partners boosted their price target on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.80.

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.