Verity Asset Management Inc. Invests $226,000 in Genco Shipping & Trading Limited (NYSE:GNK)

Verity Asset Management Inc. acquired a new stake in Genco Shipping & Trading Limited (NYSE:GNK) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 16,231 shares of the shipping company’s stock, valued at approximately $226,000.

A number of other institutional investors also recently added to or reduced their stakes in GNK. R Squared Ltd purchased a new position in shares of Genco Shipping & Trading in the 4th quarter valued at about $29,000. Tidal Investments LLC grew its position in Genco Shipping & Trading by 13.4% during the third quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock worth $479,000 after buying an additional 2,898 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Genco Shipping & Trading by 26.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,190 shares of the shipping company’s stock valued at $198,000 after buying an additional 3,000 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Genco Shipping & Trading by 11.8% during the 4th quarter. SG Americas Securities LLC now owns 29,881 shares of the shipping company’s stock valued at $417,000 after acquiring an additional 3,142 shares during the period. Finally, Quarry LP boosted its stake in shares of Genco Shipping & Trading by 535.8% during the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after acquiring an additional 3,595 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Up 4.1 %

Genco Shipping & Trading stock opened at $14.69 on Wednesday. The stock has a 50-day moving average price of $14.53 and a 200 day moving average price of $16.52. Genco Shipping & Trading Limited has a 52 week low of $13.51 and a 52 week high of $23.43. The stock has a market cap of $628.27 million, a PE ratio of 9.36, a P/E/G ratio of 3.17 and a beta of 0.97. 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 (NYSE:GNK) last posted its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting 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 business 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 posted ($0.09) earnings per share. The company’s revenue was up 19.2% on a year-over-year basis. Equities research analysts predict that Genco Shipping & Trading Limited will post 1.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GNK. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group restated a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Genco Shipping & Trading has a consensus rating of “Moderate Buy” and an average target price of $24.20.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.