nVerses Capital LLC Reduces Stock Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

nVerses Capital LLC cut its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 26.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,700 shares of the shipping company’s stock after selling 1,700 shares during the period. nVerses Capital LLC’s holdings in Genco Shipping & Trading were worth $92,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Foundry Partners LLC acquired a new stake in shares of Genco Shipping & Trading in the first quarter valued at about $3,812,000. Vanguard Group Inc. boosted its stake in shares of 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 valued at $23,326,000 after purchasing an additional 47,060 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 last quarter. 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 last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Genco Shipping & Trading by 6,233.8% during 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 in the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $16.97 on Monday. The business’s fifty day moving average price is $17.69 and its 200 day moving average price is $19.86. Genco Shipping & Trading Limited has a 12-month low of $12.65 and a 12-month high of $23.43. The stock has a market capitalization of $725.60 million, a PE ratio of 282.83, a price-to-earnings-growth ratio of 0.25 and a beta of 0.95. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.04. The firm had revenue of $107.00 million for the quarter, compared to analyst estimates of $74.86 million. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the company earned $0.27 earnings per share. Equities research analysts forecast that Genco Shipping & Trading Limited will post 2.1 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 19th were paid a $0.34 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.36 dividend on an annualized basis and a yield of 8.01%. Genco Shipping & Trading’s dividend payout ratio is currently 2,266.67%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. 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 research report on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and an average price target of $25.80.

About Genco Shipping & Trading

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.