Genco Shipping & Trading Limited (NYSE:GNK) Short Interest Down 18.3% in September

Genco Shipping & Trading Limited (NYSE:GNK) saw a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 767,000 shares, a decrease of 18.3% from the August 31st total of 939,000 shares. Currently, 1.8% of the company’s shares are short sold. Based on an average trading volume of 479,600 shares, the days-to-cover ratio is currently 1.6 days.

Analyst Ratings Changes

GNK has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Alliance Global Partners raised their price objective on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.80.

Genco Shipping & Trading Stock Down 0.5 %

Shares of NYSE:GNK traded down $0.09 during midday trading on Friday, reaching $19.16. 432,126 shares of the company were exchanged, compared to its average volume of 611,897. The firm has a market cap of $819.24 million, a PE ratio of 319.25, a P/E/G ratio of 0.26 and a beta of 0.95. Genco Shipping & Trading has a fifty-two week low of $12.65 and a fifty-two week high of $23.43. The stock has a fifty day simple moving average of $17.96 and a two-hundred day simple moving average of $20.11. 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 (NYSE:GNK) last released its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.04. The firm had revenue of $107.00 million for the quarter, compared to the consensus estimate of $74.86 million. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the business posted $0.27 EPS. As a group, sell-side analysts forecast that Genco Shipping & Trading will post 2.1 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were paid a dividend of $0.34 per share. The ex-dividend date was Monday, August 19th. This represents a $1.36 annualized dividend and a dividend yield of 7.10%. Genco Shipping & Trading’s dividend payout ratio is currently 2,266.67%.

Institutional Trading of Genco Shipping & Trading

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its position in Genco Shipping & Trading by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after purchasing an additional 33,150 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Genco Shipping & Trading by 6,233.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock worth $24,395,000 after buying an additional 1,181,000 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of 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 acquiring an additional 47,060 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Genco Shipping & Trading by 16.4% in the 2nd quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock valued at $23,372,000 after acquiring an additional 154,339 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Genco Shipping & Trading by 66.6% during the second quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock worth $22,376,000 after acquiring an additional 419,730 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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.