Allianz Asset Management GmbH Increases Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Allianz Asset Management GmbH increased its stake in shares of Genco Shipping & Trading Limited (NYSE:GNKFree Report) by 30.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 156,085 shares of the shipping company’s stock after purchasing an additional 36,776 shares during the period. Allianz Asset Management GmbH owned approximately 0.37% of Genco Shipping & Trading worth $2,589,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GNK. SummerHaven Investment Management LLC raised its stake in Genco Shipping & Trading by 1.3% during the 4th quarter. SummerHaven Investment Management LLC now owns 53,061 shares of the shipping company’s stock valued at $880,000 after buying an additional 696 shares during the last quarter. Swiss National Bank increased its position in Genco Shipping & Trading by 1.1% during the third quarter. Swiss National Bank now owns 93,400 shares of the shipping company’s stock valued at $1,307,000 after acquiring an additional 1,000 shares during the last quarter. Barclays PLC lifted its holdings in Genco Shipping & Trading by 2.4% in the third quarter. Barclays PLC now owns 44,792 shares of the shipping company’s stock valued at $627,000 after acquiring an additional 1,048 shares during the period. Victory Capital Management Inc. boosted its position in Genco Shipping & Trading by 16.9% in the fourth quarter. Victory Capital Management Inc. now owns 13,251 shares of the shipping company’s stock worth $220,000 after purchasing an additional 1,915 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Genco Shipping & Trading by 1,632.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock valued at $32,000 after purchasing an additional 2,139 shares during the period. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK opened at $21.75 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.72 and a quick ratio of 2.94. Genco Shipping & Trading Limited has a 1 year low of $12.65 and a 1 year high of $23.43. The firm has a fifty day moving average price of $21.66 and a 200-day moving average price of $18.95. The stock has a market cap of $929.82 million, a PE ratio of 362.42 and a beta of 1.00.

Genco Shipping & Trading (NYSE:GNKGet Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Genco Shipping & Trading had a return on equity of 5.15% and a net margin of 0.81%. The business had revenue of $117.44 million during the quarter, compared to analyst estimates of $77.31 million. During the same quarter in the prior year, the business posted $0.06 EPS. Genco Shipping & Trading’s revenue for the quarter was up 24.4% compared to the same quarter last year. Equities analysts anticipate that Genco Shipping & Trading Limited will post 2.34 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Wednesday, May 22nd were issued a $0.42 dividend. The ex-dividend date was Tuesday, May 21st. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.41. This represents a $1.68 dividend on an annualized basis and a yield of 7.73%. Genco Shipping & Trading’s payout ratio is currently 2,800.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GNK shares. Jefferies Financial Group increased their price objective on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Stifel Nicolaus lifted their price target on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. B. Riley upped their price objective on Genco Shipping & Trading from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. StockNews.com raised Genco Shipping & Trading from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Finally, TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Thursday, February 22nd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Read Our Latest Research Report on GNK

Insiders Place Their Bets

In other news, Director Arthur L. Regan sold 1,400 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $22.86, for a total transaction of $32,004.00. Following the sale, the director now owns 104,414 shares in the company, valued at $2,386,904.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.50% of the stock is currently owned by corporate insiders.

About Genco Shipping & Trading

(Free Report)

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.

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

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