Point72 Asset Management L.P. Grows Position in Genco Shipping & Trading Limited (NYSE:GNK)

Point72 Asset Management L.P. raised its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 7.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,300 shares of the shipping company’s stock after acquiring an additional 1,300 shares during the period. Point72 Asset Management L.P.’s holdings in Genco Shipping & Trading were worth $390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC lifted its holdings in shares of Genco Shipping & Trading by 109.5% in the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after acquiring an additional 998 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at approximately $82,000. nVerses Capital LLC purchased a new position in shares of Genco Shipping & Trading in the 2nd quarter worth approximately $136,000. Banque Cantonale Vaudoise increased its position 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 valued at $174,000 after purchasing an additional 6,000 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in Genco Shipping & Trading during the 2nd quarter valued at $178,000. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Price Performance

Shares of GNK opened at $18.42 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94. The company’s fifty day moving average price is $17.84 and its 200-day moving average price is $20.06. Genco Shipping & Trading Limited has a 1-year low of $12.65 and a 1-year high of $23.43. The firm has a market capitalization of $787.60 million, a PE ratio of 307.00, a price-to-earnings-growth ratio of 0.26 and a beta of 0.95.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, beating the consensus estimate 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 quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.27 EPS. On average, equities research analysts predict that Genco Shipping & Trading Limited will post 2.1 EPS for the current 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 issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 7.38%. The ex-dividend date was Monday, August 19th. Genco Shipping & Trading’s payout ratio is currently 2,266.67%.

Wall Street Analyst Weigh In

GNK has been the subject of a number of recent analyst reports. Alliance Global Partners lifted their price target 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 Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the 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 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.