Genco Shipping & Trading Limited (NYSE:GNK) Stock Holdings Lessened by Banque Cantonale Vaudoise

Banque Cantonale Vaudoise cut its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 74.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,185 shares of the shipping company’s stock after selling 6,255 shares during the period. Banque Cantonale Vaudoise’s holdings in Genco Shipping & Trading were worth $43,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Russell Investments Group Ltd. increased its position in Genco Shipping & Trading by 7.7% in the first quarter. Russell Investments Group Ltd. now owns 87,157 shares of the shipping company’s stock worth $1,772,000 after buying an additional 6,253 shares during the period. Vanguard Group Inc. lifted its position in Genco Shipping & Trading by 4.3% in 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 last quarter. Price T Rowe Associates Inc. MD lifted its position in Genco Shipping & Trading by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the shipping company’s stock valued at $246,000 after purchasing an additional 1,782 shares during the last quarter. Paloma Partners Management Co bought a new position in Genco Shipping & Trading in the 1st quarter worth about $400,000. Finally, Tidal Investments LLC increased its stake in shares of Genco Shipping & Trading by 18.4% in the first quarter. Tidal Investments LLC now owns 19,743 shares of the shipping company’s stock valued at $401,000 after purchasing an additional 3,068 shares during the period. Institutional investors own 58.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GNK. Stifel Nicolaus downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Finally, Jefferies Financial Group restated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have issued 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 $24.20.

Genco Shipping & Trading Stock Up 0.8 %

GNK opened at $16.86 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The company has a market capitalization of $720.93 million, a PE ratio of 10.75, a P/E/G ratio of 0.27 and a beta of 0.98. The stock’s fifty day moving average is $17.41 and its 200-day moving average is $19.13. Genco Shipping & Trading Limited has a one year low of $14.02 and a one year high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. During the same period in the prior year, the company earned ($0.09) EPS. Genco Shipping & Trading’s revenue was up 19.2% on a year-over-year basis. On average, equities analysts predict that Genco Shipping & Trading Limited will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be issued a $0.40 dividend. The ex-dividend date is Monday, November 18th. This represents a $1.60 annualized dividend and a dividend yield of 9.49%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio is currently 101.91%.

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.