Zurcher Kantonalbank Zurich Cantonalbank Raises Position in Genco Shipping & Trading Limited (NYSE:GNK)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Genco Shipping & Trading Limited (NYSE:GNK) by 72.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,147 shares of the shipping company’s stock after purchasing an additional 3,838 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Genco Shipping & Trading were worth $152,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. SG Americas Securities LLC grew its stake in shares of Genco Shipping & Trading by 696.5% during the 4th quarter. SG Americas Securities LLC now owns 78,118 shares of the shipping company’s stock worth $1,296,000 after acquiring an additional 68,310 shares during the period. Key Colony Management LLC purchased a new position in shares of Genco Shipping & Trading in the fourth quarter worth about $1,510,000. Moors & Cabot Inc. raised its position in shares of Genco Shipping & Trading by 76.0% in the third quarter. Moors & Cabot Inc. now owns 47,469 shares of the shipping company’s stock valued at $664,000 after purchasing an additional 20,500 shares during the period. MQS Management LLC purchased a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at approximately $361,000. Finally, Swiss National Bank boosted its holdings in Genco Shipping & Trading by 1.1% in the 3rd quarter. Swiss National Bank now owns 93,400 shares of the shipping company’s stock worth $1,307,000 after buying an additional 1,000 shares during the period. 58.62% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus boosted their target price on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, April 19th. TheStreet upgraded Genco Shipping & Trading from a “c” rating to a “b-” rating in a research note on Thursday, February 22nd. Finally, StockNews.com cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $21.00.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $22.65 on Thursday. Genco Shipping & Trading Limited has a 12-month low of $12.39 and a 12-month high of $22.67. The company has a current ratio of 4.46, a quick ratio of 3.70 and a debt-to-equity ratio of 0.21. The company has a market cap of $968.33 million, a PE ratio of -73.06 and a beta of 1.11. The stock has a 50-day moving average price of $20.74 and a 200-day moving average price of $17.62.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, February 21st. The shipping company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The business had revenue of $115.50 million for the quarter, compared to the consensus estimate of $72.54 million. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. Genco Shipping & Trading’s quarterly revenue was down 9.1% on a year-over-year basis. During the same period last year, the firm posted $0.67 earnings per share. As a group, equities analysts forecast that Genco Shipping & Trading Limited will post 1.93 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, March 6th were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 7.24%. The ex-dividend date was Tuesday, March 5th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio is currently -529.03%.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $20.40, for a total transaction of $28,478.40. Following the completion of the sale, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at $367,077.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total transaction of $28,478.40. Following the transaction, the chief accounting officer now directly owns 17,994 shares in the company, valued at $367,077.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter George Allen sold 7,036 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $139,312.80. Following the completion of the sale, the chief financial officer now owns 35,518 shares of the company’s stock, valued at $703,256.40. The disclosure for this sale can be found here. Insiders have sold a total of 62,496 shares of company stock valued at $1,238,678 over the last 90 days. 2.08% of the stock is owned by insiders.

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.