Zurcher Kantonalbank Zurich Cantonalbank Buys 4,003 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 80.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 8,980 shares of the shipping company’s stock after buying an additional 4,003 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Genco Shipping & Trading were worth $191,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of GNK. CWM LLC lifted its holdings in shares of Genco Shipping & Trading by 109.5% in the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 998 shares in the last quarter. Mark Sheptoff Financial Planning LLC bought a new position in Genco Shipping & Trading during the 4th quarter worth $126,000. Banque Cantonale Vaudoise raised its holdings in shares of Genco Shipping & Trading by 236.6% during the 1st quarter. Banque Cantonale Vaudoise now owns 8,536 shares of the shipping company’s stock worth $174,000 after buying an additional 6,000 shares in the last quarter. SeaCrest Wealth Management LLC bought a new position in shares of Genco Shipping & Trading in the 1st quarter valued at $203,000. Finally, Victory Capital Management Inc. grew 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. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Up 0.1 %

Shares of GNK opened at $16.65 on Tuesday. The firm’s 50 day simple moving average is $18.92 and its 200 day simple moving average is $20.35. The company has a market capitalization of $711.95 million, a P/E ratio of 277.33, a P/E/G ratio of 0.24 and a beta of 0.95. Genco Shipping & Trading Limited has a 1-year low of $12.65 and a 1-year high of $23.43. 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 posted its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.04. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. The business had revenue of $107.00 million during the quarter, compared to analyst estimates of $74.86 million. During the same period in the prior year, the business posted $0.27 earnings per share. The company’s revenue was up 18.1% on a year-over-year basis. Sell-side analysts forecast 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. Stockholders of record on Monday, August 19th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date of this dividend was Monday, August 19th. Genco Shipping & Trading’s payout ratio is presently 2,266.67%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on GNK shares. Alliance Global Partners increased 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and a consensus target price 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.