Algert Global LLC Acquires 133,920 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Algert Global LLC raised its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 56.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 373,133 shares of the shipping company’s stock after acquiring an additional 133,920 shares during the quarter. Algert Global LLC owned about 0.87% of Genco Shipping & Trading worth $7,276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Kingsview Wealth Management LLC bought a new position in shares of Genco Shipping & Trading in the third quarter worth $685,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after purchasing an additional 219,907 shares during the period. Foundry Partners LLC increased its holdings in shares of Genco Shipping & Trading by 41.2% in the third quarter. Foundry Partners LLC now owns 336,460 shares of the shipping company’s stock worth $6,561,000 after purchasing an additional 98,195 shares during the period. Intech Investment Management LLC bought a new position in shares of Genco Shipping & Trading in the third quarter worth $202,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Genco Shipping & Trading by 37.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,039 shares of the shipping company’s stock worth $839,000 after purchasing an additional 11,707 shares during the period. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

NYSE GNK opened at $16.86 on Friday. The company has a 50-day simple moving average of $17.41 and a two-hundred day simple moving average of $19.13. The company has a quick ratio of 2.49, a current ratio of 3.09 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. The firm has a market cap of $720.93 million, a price-to-earnings ratio of 10.74, a PEG ratio of 0.27 and a beta of 0.98.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 period in the prior year, the business posted ($0.09) earnings per share. The company’s revenue was up 19.2% on a year-over-year basis. On average, equities analysts forecast that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 9.49%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio is presently 101.91%.

Wall Street Analyst Weigh In

GNK has been the topic of a number of research analyst reports. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their target price for the company 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 issued a “buy” rating and a $22.00 target price on the stock. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Genco Shipping & Trading currently has a consensus rating of “Moderate Buy” and an average 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.