Lazard Asset Management LLC Has $223,000 Position in Genco Shipping & Trading Limited (NYSE:GNK)

Lazard Asset Management LLC boosted its position in shares of Genco Shipping & Trading Limited (NYSE:GNKGet Rating) by 71.7% in the second quarter, Holdings Channel reports. The firm owned 11,555 shares of the shipping company’s stock after purchasing an additional 4,827 shares during the period. Lazard Asset Management LLC’s holdings in Genco Shipping & Trading were worth $223,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new position in Genco Shipping & Trading during the first quarter valued at approximately $26,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Genco Shipping & Trading in the first quarter valued at approximately $28,000. Spire Wealth Management acquired a new position in shares of Genco Shipping & Trading in the second quarter valued at approximately $26,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Genco Shipping & Trading in the second quarter valued at approximately $25,000. Finally, Penserra Capital Management LLC acquired a new position in shares of Genco Shipping & Trading in the first quarter valued at approximately $47,000. Institutional investors and hedge funds own 80.23% of the company’s stock.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $14.28 on Monday. The company has a quick ratio of 2.05, a current ratio of 2.63 and a debt-to-equity ratio of 0.18. The company’s fifty day simple moving average is $13.91 and its 200-day simple moving average is $17.35. Genco Shipping & Trading Limited has a 12 month low of $11.92 and a 12 month high of $27.15. The firm has a market cap of $604.43 million, a PE ratio of 2.77 and a beta of 1.01.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 28th. Shareholders of record on Monday, November 21st will be given a dividend of $0.78 per share. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.50. This represents a $3.12 annualized dividend and a yield of 21.85%. The ex-dividend date of this dividend is Friday, November 18th. Genco Shipping & Trading’s dividend payout ratio is 38.83%.

Analyst Upgrades and Downgrades

GNK has been the subject of several research analyst reports. Stifel Nicolaus initiated coverage on shares of Genco Shipping & Trading in a report on Thursday, September 29th. They issued a “buy” rating and a $20.00 price target for the company. B. Riley reduced their price target on shares of Genco Shipping & Trading from $31.00 to $27.00 and set a “buy” rating for the company in a report on Monday, October 10th. Jefferies Financial Group reduced their price target on shares of Genco Shipping & Trading from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, September 26th. Alliance Global Partners cut their price objective on shares of Genco Shipping & Trading to $27.00 in a research report on Wednesday, November 16th. Finally, StockNews.com assumed coverage on shares of Genco Shipping & Trading in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Genco Shipping & Trading has a consensus rating of “Moderate Buy” and a consensus price target of $23.20.

About Genco Shipping & Trading

(Get Rating)

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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Institutional Ownership by Quarter for Genco Shipping & Trading (NYSE:GNK)

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