Point72 DIFC Ltd Makes New $178,000 Investment in Genco Shipping & Trading Limited (NYSE:GNK)

Point72 DIFC Ltd bought a new stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 8,361 shares of the shipping company’s stock, valued at approximately $178,000.

Other large investors also recently made changes to their positions in the company. Moors & Cabot Inc. grew its position in Genco Shipping & Trading by 2.0% during the second quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock valued at $669,000 after purchasing an additional 628 shares in the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of Genco Shipping & Trading by 1.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock valued at $1,158,000 after buying an additional 682 shares during the period. CWM LLC grew its holdings in shares of Genco Shipping & Trading by 109.5% during the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after acquiring an additional 998 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Genco Shipping & Trading by 12.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock worth $244,000 after acquiring an additional 1,279 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Genco Shipping & Trading by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the shipping company’s stock worth $246,000 after acquiring an additional 1,782 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $19.16 on Friday. The stock has a market capitalization of $819.03 million, a P/E ratio of 319.25, a P/E/G ratio of 0.26 and a beta of 0.95. The business has a 50-day moving average of $17.96 and a two-hundred day moving average of $20.11. Genco Shipping & Trading Limited has a fifty-two week low of $12.65 and a fifty-two week high of $23.43. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The firm had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $74.86 million. During the same quarter in the prior year, the business earned $0.27 earnings per share. The company’s revenue was up 18.1% on a year-over-year basis. On average, equities research analysts predict that Genco Shipping & Trading Limited will post 2.1 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 19th were paid a $0.34 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.36 dividend on an annualized basis and a yield of 7.10%. Genco Shipping & Trading’s payout ratio is presently 2,266.67%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Alliance Global Partners boosted their target price on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, July 1st. Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $25.80.

About Genco Shipping & Trading

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.