SeaCrest Wealth Management LLC Makes New $203,000 Investment in Genco Shipping & Trading Limited (NYSE:GNK)

SeaCrest Wealth Management LLC acquired a new stake in Genco Shipping & Trading Limited (NYSE:GNK) in the first quarter, HoldingsChannel reports. The firm acquired 10,000 shares of the shipping company’s stock, valued at approximately $203,000.

Other institutional investors and hedge funds have also modified their holdings of the company. SummerHaven Investment Management LLC grew its stake in Genco Shipping & Trading by 1.3% in the 4th quarter. SummerHaven Investment Management LLC now owns 53,061 shares of the shipping company’s stock worth $880,000 after acquiring an additional 696 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Genco Shipping & Trading by 16.9% during the fourth quarter. Victory Capital Management Inc. now owns 13,251 shares of the shipping company’s stock worth $220,000 after purchasing an additional 1,915 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Genco Shipping & Trading by 1,632.8% in the third quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock valued at $32,000 after purchasing an additional 2,139 shares during the period. Gladius Capital Management LP acquired a new position in Genco Shipping & Trading in the fourth quarter valued at $37,000. Finally, Aurora Investment Counsel lifted its position in Genco Shipping & Trading by 3.3% during the fourth quarter. Aurora Investment Counsel now owns 79,183 shares of the shipping company’s stock worth $1,314,000 after buying an additional 2,549 shares during the period. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Insider Transactions at Genco Shipping & Trading

In related news, Director Arthur L. Regan sold 1,400 shares of Genco Shipping & Trading stock in a transaction on Monday, May 13th. The shares were sold at an average price of $22.86, for a total transaction of $32,004.00. Following the sale, the director now owns 104,414 shares of the company’s stock, valued at approximately $2,386,904.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. B. Riley lifted their price target on Genco Shipping & Trading from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, May 10th. Stifel Nicolaus upped their price target on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Jefferies Financial Group lifted their price target on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Alliance Global Partners upped their price objective on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Monday. Finally, StockNews.com upgraded Genco Shipping & Trading from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $25.40.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $22.07 on Friday. Genco Shipping & Trading Limited has a twelve month low of $12.65 and a twelve month high of $23.43. The firm has a market capitalization of $943.67 million, a price-to-earnings ratio of 367.83 and a beta of 0.96. The company has a current ratio of 3.72, a quick ratio of 2.94 and a debt-to-equity ratio of 0.18. The firm’s fifty day simple moving average is $21.88 and its 200 day simple moving average is $19.77.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. The company had revenue of $117.44 million during the quarter, compared to the consensus estimate of $77.31 million. Genco Shipping & Trading had a return on equity of 5.15% and a net margin of 0.81%. The company’s revenue was up 24.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.06 earnings per share. As a group, equities research analysts expect that Genco Shipping & Trading Limited will post 2.34 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Wednesday, May 22nd were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.68 dividend on an annualized basis and a dividend yield of 7.61%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.41. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 2,800.00%.

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.