Canada Pension Plan Investment Board Makes New Investment in Genco Shipping & Trading Limited (NYSE:GNK)

Canada Pension Plan Investment Board bought a new position in Genco Shipping & Trading Limited (NYSE:GNK) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 70,000 shares of the shipping company’s stock, valued at approximately $1,492,000.

Several other institutional investors also recently bought and sold shares of GNK. Foundry Partners LLC purchased a new stake in Genco Shipping & Trading in the 1st quarter worth approximately $3,812,000. Vanguard Group Inc. boosted its holdings in Genco Shipping & Trading by 4.3% during the first quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock worth $23,326,000 after buying an additional 47,060 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Genco Shipping & Trading by 965.0% during the first quarter. BNP Paribas Financial Markets now owns 106,003 shares of the shipping company’s stock worth $2,155,000 after buying an additional 96,050 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Genco Shipping & Trading by 6,233.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock valued at $24,395,000 after buying an additional 1,181,000 shares during the period. Finally, Allianz Asset Management GmbH increased its holdings in Genco Shipping & Trading by 30.8% in the fourth quarter. Allianz Asset Management GmbH now owns 156,085 shares of the shipping company’s stock valued at $2,589,000 after buying an additional 36,776 shares in the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GNK shares. Alliance Global Partners increased their target price 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 initiated coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $25.80.

Genco Shipping & Trading Stock Performance

Shares of Genco Shipping & Trading stock opened at $19.25 on Friday. The business’s 50 day moving average price is $17.99 and its 200 day moving average price is $20.13. The company has a market cap of $822.88 million, a price-to-earnings ratio of 320.75, a PEG ratio of 0.26 and a beta of 0.95. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59. Genco Shipping & Trading Limited has a one year low of $12.65 and a one year high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last announced 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. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. The firm had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $74.86 million. During the same quarter in the previous year, the company posted $0.27 EPS. The company’s revenue was up 18.1% compared to the same quarter last year. On average, research analysts predict that Genco Shipping & Trading Limited will post 2.1 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 7.07%. The ex-dividend date was Monday, August 19th. Genco Shipping & Trading’s payout ratio is presently 2,266.67%.

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.