Cornercap Investment Counsel Inc. Sells 12,388 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Cornercap Investment Counsel Inc. reduced its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 48.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,104 shares of the shipping company’s stock after selling 12,388 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Genco Shipping & Trading were worth $256,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in GNK. Vanguard Group Inc. raised its stake 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 acquiring an additional 47,060 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Genco Shipping & Trading by 1.2% during the 2nd 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 during the last quarter. Algert Global LLC boosted its stake in shares of Genco Shipping & Trading by 694.2% in the 2nd quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock worth $5,098,000 after buying an additional 209,093 shares during the last quarter. Marshall Wace LLP bought a new position in Genco Shipping & Trading during the second quarter valued at about $3,106,000. Finally, Canada Pension Plan Investment Board purchased a new position in Genco Shipping & Trading in the second quarter valued at about $1,492,000. Institutional investors own 58.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target on the stock. Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their target price 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 price target on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Price Performance

Shares of Genco Shipping & Trading stock opened at $17.62 on Tuesday. The firm has a market capitalization of $753.18 million, a PE ratio of 11.22, a price-to-earnings-growth ratio of 0.28 and a beta of 0.98. The business’s 50-day moving average price is $17.39 and its 200-day moving average price is $19.27. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a 12 month low of $14.02 and a 12 month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41. The company had revenue of $99.33 million during the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. Genco Shipping & Trading’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.09) EPS. Sell-side analysts forecast that Genco Shipping & Trading Limited will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $1.60 annualized dividend and a yield of 9.08%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio (DPR) 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.