Genco Shipping & Trading Limited (NYSE:GNK) Shares Acquired by State Street Corp

State Street Corp increased its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 1.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,190,467 shares of the shipping company’s stock after acquiring an additional 12,001 shares during the period. State Street Corp’s holdings in Genco Shipping & Trading were worth $23,214,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new position in shares of Genco Shipping & Trading during the 2nd quarter worth $82,000. Quarry LP raised its position in Genco Shipping & Trading by 535.8% during the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after acquiring an additional 3,595 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Genco Shipping & Trading in the second quarter valued at about $136,000. Point72 DIFC Ltd acquired a new stake in shares of Genco Shipping & Trading in the second quarter valued at approximately $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Genco Shipping & Trading by 80.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock worth $191,000 after purchasing an additional 4,003 shares in the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GNK has been the topic of a number of recent research reports. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective on the stock. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Price Performance

GNK stock opened at $13.74 on Monday. The stock has a market capitalization of $587.49 million, a price-to-earnings ratio of 8.75, a price-to-earnings-growth ratio of 0.24 and a beta of 0.96. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a 52-week low of $13.51 and a 52-week high of $23.43. The stock’s fifty day simple moving average is $16.14 and its 200-day simple moving average is $18.06.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The firm had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. During the same period last year, the company earned ($0.09) EPS. The firm’s quarterly revenue was up 19.2% on a year-over-year basis. Equities research analysts expect 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. Investors of record on Monday, November 18th were given a dividend of $0.40 per share. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.60 annualized dividend and a yield of 11.64%. Genco Shipping & Trading’s dividend payout ratio is 101.91%.

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.