Tidal Investments LLC Raises Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Tidal Investments LLC lifted its position in Genco Shipping & Trading Limited (NYSE:GNK) by 13.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,587 shares of the shipping company’s stock after purchasing an additional 2,898 shares during the period. Tidal Investments LLC owned 0.06% of Genco Shipping & Trading worth $479,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new position in shares of Genco Shipping & Trading during the 2nd quarter worth $82,000. Quarry LP grew its holdings in 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. nVerses Capital LLC purchased a new position in Genco Shipping & Trading during the 2nd quarter valued at about $136,000. Point72 DIFC Ltd bought a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at about $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Genco Shipping & Trading by 80.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock worth $191,000 after purchasing an additional 4,003 shares during the period. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

GNK opened at $13.74 on Monday. The company has a market cap of $587.49 million, a P/E ratio of 8.75, a price-to-earnings-growth ratio of 0.24 and a beta of 0.96. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The firm’s 50-day moving average price is $16.14 and its 200-day moving average price is $18.06. Genco Shipping & Trading Limited has a 52-week low of $13.51 and a 52-week high of $23.43.

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, hitting 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 analysts’ expectations of $72.02 million. During the same quarter last year, the company posted ($0.09) earnings per share. The business’s quarterly revenue was up 19.2% on a year-over-year basis. As a group, equities analysts anticipate that Genco Shipping & Trading Limited will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were given a dividend of $0.40 per share. The ex-dividend date was Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a yield of 11.64%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s payout ratio is currently 101.91%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price target for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Company 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.