Strs Ohio Buys 16,000 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Strs Ohio boosted its stake in Genco Shipping & Trading Limited (NYSE:GNKGet Rating) by 48.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,200 shares of the shipping company’s stock after purchasing an additional 16,000 shares during the quarter. Strs Ohio owned about 0.12% of Genco Shipping & Trading worth $616,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GNK. WBI Investments Inc. grew its stake in Genco Shipping & Trading by 131.2% in the third quarter. WBI Investments Inc. now owns 39,460 shares of the shipping company’s stock valued at $494,000 after acquiring an additional 22,396 shares during the period. Mraz Amerine & Associates Inc. grew its stake in Genco Shipping & Trading by 65.9% in the third quarter. Mraz Amerine & Associates Inc. now owns 51,205 shares of the shipping company’s stock valued at $642,000 after acquiring an additional 20,334 shares during the period. SummerHaven Investment Management LLC acquired a new position in Genco Shipping & Trading in the third quarter valued at about $592,000. Fulcrum Equity Management grew its stake in Genco Shipping & Trading by 43.9% in the third quarter. Fulcrum Equity Management now owns 17,982 shares of the shipping company’s stock valued at $225,000 after acquiring an additional 5,482 shares during the period. Finally, Verition Fund Management LLC acquired a new position in Genco Shipping & Trading in the second quarter valued at about $233,000. Institutional investors own 67.67% of the company’s stock.

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK opened at $16.67 on Wednesday. The stock has a 50 day moving average price of $15.11 and a 200 day moving average price of $15.21. Genco Shipping & Trading Limited has a 52 week low of $11.92 and a 52 week high of $27.15. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.05 and a current ratio of 2.63. The stock has a market capitalization of $705.59 million, a PE ratio of 3.24 and a beta of 1.01.

Genco Shipping & Trading (NYSE:GNKGet Rating) last issued its quarterly earnings results on Wednesday, November 9th. The shipping company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.88 by $0.12. The firm had revenue of $96.47 million during the quarter, compared to analysts’ expectations of $91.19 million. Genco Shipping & Trading had a return on equity of 22.98% and a net margin of 37.21%. Analysts predict that Genco Shipping & Trading Limited will post 3.66 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 28th. Shareholders of record on Monday, November 21st were paid a $0.78 dividend. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, November 18th. This represents a $3.12 annualized dividend and a yield of 18.72%. Genco Shipping & Trading’s dividend payout ratio is currently 60.58%.

Analysts Set New Price Targets

Several research firms have recently weighed in on GNK. B. Riley reduced their price objective on Genco Shipping & Trading from $31.00 to $27.00 and set a “buy” rating for the company in a research report on Monday, October 10th. Alliance Global Partners reduced their price objective on Genco Shipping & Trading to $27.00 in a research report on Wednesday, November 16th. BTIG Research reduced their price objective on Genco Shipping & Trading to $22.00 in a research report on Tuesday, November 15th. Jefferies Financial Group reduced their price objective on Genco Shipping & Trading from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, September 26th. Finally, Stifel Nicolaus began coverage on Genco Shipping & Trading in a research report on Thursday, September 29th. They set a “buy” rating and a $20.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.20.

Genco Shipping & Trading Profile

(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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