Inspire Investing LLC Invests $413,000 in Genco Shipping & Trading Limited (NYSE:GNK)

Inspire Investing LLC bought a new stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 21,176 shares of the shipping company’s stock, valued at approximately $413,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CWM LLC increased its holdings in shares of 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 buying an additional 998 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Genco Shipping & Trading during the second quarter worth $82,000. nVerses Capital LLC purchased a new stake in shares of Genco Shipping & Trading during the second quarter valued at $136,000. Banque Cantonale Vaudoise boosted its position in shares of Genco Shipping & Trading by 236.6% in the 1st quarter. Banque Cantonale Vaudoise now owns 8,536 shares of the shipping company’s stock valued at $174,000 after purchasing an additional 6,000 shares during the period. Finally, Point72 DIFC Ltd purchased a new position in Genco Shipping & Trading in the 2nd quarter worth about $178,000. 58.62% of the stock is owned by institutional investors and hedge funds.

Genco Shipping & Trading Price Performance

NYSE GNK opened at $16.91 on Thursday. The company has a 50 day simple moving average of $17.70 and a 200-day simple moving average of $19.92. Genco Shipping & Trading Limited has a 52-week low of $12.65 and a 52-week high of $23.43. The firm has a market capitalization of $723.04 million, a price-to-earnings ratio of 281.83, a price-to-earnings-growth ratio of 0.25 and a beta of 0.95. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.42 by $0.04. The business had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $74.86 million. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. Genco Shipping & Trading’s revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 EPS. Equities research analysts predict that Genco Shipping & Trading Limited will post 2.1 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Monday, August 19th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 8.04%. The ex-dividend date was Monday, August 19th. Genco Shipping & Trading’s dividend payout ratio is 2,266.67%.

Wall Street Analyst Weigh In

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

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.