Kingsview Wealth Management LLC Takes Position in Genco Shipping & Trading Limited (NYSE:GNK)

Kingsview Wealth Management LLC purchased a new position in Genco Shipping & Trading Limited (NYSE:GNK) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 35,117 shares of the shipping company’s stock, valued at approximately $685,000. Kingsview Wealth Management LLC owned 0.08% of Genco Shipping & Trading as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Moors & Cabot Inc. grew its stake in Genco Shipping & Trading by 2.0% during the second quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock worth $669,000 after buying an additional 628 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Genco Shipping & Trading by 1.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock worth $1,158,000 after acquiring an additional 682 shares in the last quarter. CWM LLC increased its stake in 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 acquiring an additional 998 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Genco Shipping & Trading by 12.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock valued at $244,000 after purchasing an additional 1,279 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in Genco Shipping & Trading by 7.6% during the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock worth $390,000 after purchasing an additional 1,300 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Down 4.5 %

Shares of NYSE GNK opened at $16.05 on Thursday. The company has a 50 day simple moving average of $17.39 and a 200 day simple moving average of $19.00. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. Genco Shipping & Trading Limited has a 1 year low of $14.02 and a 1 year high of $23.43. The firm has a market cap of $686.08 million, a PE ratio of 10.22, a price-to-earnings-growth ratio of 0.27 and a beta of 0.98.

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

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 9.97%. The ex-dividend date of this dividend was Monday, November 18th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s payout ratio is 101.91%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target for the company. Jefferies Financial Group reissued a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Finally, Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their price target for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.20.

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.