Townsend & Associates Inc Raises Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Townsend & Associates Inc grew its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 2.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,048,858 shares of the shipping company’s stock after buying an additional 27,783 shares during the quarter. Genco Shipping & Trading accounts for approximately 2.1% of Townsend & Associates Inc’s holdings, making the stock its 15th largest position. Townsend & Associates Inc owned approximately 2.45% of Genco Shipping & Trading worth $20,453,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GNK. Dimensional Fund Advisors LP boosted 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 worth $61,145,000 after purchasing an additional 33,150 shares during the last quarter. Vanguard Group Inc. grew its position 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 valued at $23,326,000 after buying an additional 47,060 shares during the period. American Century Companies Inc. increased its holdings in Genco Shipping & Trading by 16.4% during the second quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock valued at $23,372,000 after buying an additional 154,339 shares during the last quarter. Renaissance Technologies LLC raised its position in Genco Shipping & Trading by 66.6% in 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 during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of Genco Shipping & Trading by 0.7% during the 2nd quarter. Victory Capital Management Inc. now owns 928,538 shares of the shipping company’s stock worth $19,787,000 after acquiring an additional 6,566 shares during the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Genco Shipping & Trading Trading Down 0.6 %

Shares of NYSE GNK opened at $17.45 on Friday. Genco Shipping & Trading Limited has a twelve month low of $13.10 and a twelve month high of $23.43. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $17.32 and a two-hundred day simple moving average of $19.42. The firm has a market cap of $746.16 million, a PE ratio of 11.11, a price-to-earnings-growth ratio of 0.26 and a beta of 0.98.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting 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 net margin of 15.63% and a return on equity of 8.49%. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.09) earnings per share. Analysts expect that Genco Shipping & Trading Limited will post 1.79 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be issued a dividend of $0.40 per share. The ex-dividend date is Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a yield of 9.17%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio is currently 86.62%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target for the company. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a report on Thursday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Genco Shipping & Trading has an average rating of “Moderate Buy” and a consensus target price 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.