Connor Clark & Lunn Investment Management Ltd. Purchases 11,707 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 37.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,039 shares of the shipping company’s stock after acquiring an additional 11,707 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.10% of Genco Shipping & Trading worth $839,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. CWM LLC lifted its stake 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 during the period. Point72 Hong Kong Ltd bought a new stake in shares of Genco Shipping & Trading in the second quarter valued at about $82,000. nVerses Capital LLC bought a new stake in shares of Genco Shipping & Trading in the second quarter valued at about $136,000. Point72 DIFC Ltd bought a new stake in shares of Genco Shipping & Trading in the second quarter valued at about $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Genco Shipping & Trading by 80.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock valued at $191,000 after buying an additional 4,003 shares during the period. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Stock Performance

Shares of Genco Shipping & Trading stock opened at $16.05 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The firm has a market cap of $686.08 million, a P/E ratio of 10.69, a P/E/G ratio of 0.27 and a beta of 0.98. The firm has a 50 day simple moving average of $17.39 and a 200 day simple moving average of $19.00. Genco Shipping & Trading Limited has a fifty-two week low of $14.02 and a fifty-two week high of $23.43.

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

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 9.97%. The ex-dividend date of this dividend was Monday, November 18th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s payout ratio is currently 101.91%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price for the company. Jefferies Financial Group restated a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Finally, Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their target price for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.20.

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.