Bank of New York Mellon Corp Increases Stake in Genco Shipping & Trading Limited (NYSE:GNK)

Bank of New York Mellon Corp increased its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 10.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,788 shares of the shipping company’s stock after buying an additional 15,529 shares during the period. Bank of New York Mellon Corp owned 0.38% of Genco Shipping & Trading worth $3,448,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of GNK. SummerHaven Investment Management LLC lifted its position in Genco Shipping & Trading by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock valued at $1,158,000 after buying an additional 682 shares during the period. Summit Global Investments bought a new position in shares of Genco Shipping & Trading in the 2nd quarter worth about $288,000. Nisa Investment Advisors LLC lifted its position in Genco Shipping & Trading by 605.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 95,104 shares of the shipping company’s stock valued at $2,027,000 after acquiring an additional 81,624 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake 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 worth $244,000 after acquiring an additional 1,279 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC grew its holdings in Genco Shipping & Trading by 10.0% in the second quarter. Linden Thomas Advisory Services LLC now owns 23,046 shares of the shipping company’s stock worth $491,000 after purchasing an additional 2,101 shares during the period. 58.62% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GNK. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target on the stock. Alliance Global Partners boosted their target price on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Genco Shipping & Trading has a consensus rating of “Moderate Buy” and an average target price of $25.80.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK opened at $17.24 on Friday. The company has a 50 day moving average of $18.43 and a 200 day moving average of $20.25. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10. Genco Shipping & Trading Limited has a twelve month low of $12.65 and a twelve month high of $23.43. The firm has a market cap of $737.18 million, a P/E ratio of 287.33, a PEG ratio of 0.24 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, topping the consensus estimate of $0.42 by $0.04. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The firm had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $74.86 million. During the same quarter in the previous year, the business earned $0.27 earnings per share. The company’s revenue was up 18.1% on a year-over-year basis. As a group, research analysts expect that Genco Shipping & Trading Limited will post 2.1 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 7.89%. The ex-dividend date was Monday, August 19th. Genco Shipping & Trading’s payout ratio is presently 2,266.67%.

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.