Algert Global LLC Acquires 209,093 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Algert Global LLC boosted its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 694.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 239,213 shares of the shipping company’s stock after purchasing an additional 209,093 shares during the quarter. Algert Global LLC owned about 0.56% of Genco Shipping & Trading worth $5,098,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC grew its position 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 worth $41,000 after buying an additional 998 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Genco Shipping & Trading in the second quarter worth $82,000. nVerses Capital LLC bought a new stake in Genco Shipping & Trading in the second quarter valued at $136,000. Point72 DIFC Ltd acquired a new position in shares of Genco Shipping & Trading during the second quarter valued at about $178,000. Finally, Banque Cantonale Vaudoise boosted its position in shares of Genco Shipping & Trading by 236.6% during the 1st quarter. Banque Cantonale Vaudoise now owns 8,536 shares of the shipping company’s stock worth $174,000 after purchasing an additional 6,000 shares in the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

Genco Shipping & Trading Price Performance

GNK stock opened at $19.16 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59. The business has a 50-day simple moving average of $17.96 and a two-hundred day simple moving average of $20.11. The company has a market capitalization of $819.24 million, a P/E ratio of 319.33, a price-to-earnings-growth ratio of 0.26 and a beta of 0.95. Genco Shipping & Trading Limited has a 52-week low of $12.65 and a 52-week high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $107.00 million during the quarter, compared to the consensus estimate of $74.86 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. Genco Shipping & Trading’s revenue was up 18.1% compared to the same quarter last year. Research analysts expect that Genco Shipping & Trading Limited will post 2.1 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

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

Wall Street Analyst Weigh In

GNK has been the topic of a number of research reports. Alliance Global Partners upped their price target on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Genco Shipping & Trading currently has a consensus rating of “Moderate Buy” and an average target price of $25.80.

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.