American Century Companies Inc. Purchases 62,030 Shares of Genco Shipping & Trading Limited $GNK

American Century Companies Inc. increased its position in Genco Shipping & Trading Limited (NYSE:GNK) by 4.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,611,227 shares of the shipping company’s stock after buying an additional 62,030 shares during the quarter. American Century Companies Inc. owned 3.73% of Genco Shipping & Trading worth $28,680,000 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. Townsend & Associates Inc grew its holdings in Genco Shipping & Trading by 1.8% in the 3rd quarter. Townsend & Associates Inc now owns 1,267,823 shares of the shipping company’s stock worth $20,564,000 after acquiring an additional 22,743 shares during the last quarter. CSM Advisors LLC bought a new position in shares of Genco Shipping & Trading during the second quarter valued at about $3,876,000. AQR Capital Management LLC boosted its holdings in shares of Genco Shipping & Trading by 49.3% during the first quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after purchasing an additional 97,766 shares during the period. SG Americas Securities LLC grew its stake in shares of Genco Shipping & Trading by 0.3% in the second quarter. SG Americas Securities LLC now owns 218,684 shares of the shipping company’s stock worth $2,858,000 after purchasing an additional 617 shares during the last quarter. Finally, Citigroup Inc. grew its stake in shares of Genco Shipping & Trading by 727.6% in the third quarter. Citigroup Inc. now owns 215,412 shares of the shipping company’s stock worth $3,834,000 after purchasing an additional 189,383 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK opened at $22.19 on Monday. Genco Shipping & Trading Limited has a 1 year low of $11.20 and a 1 year high of $24.81. The stock has a market capitalization of $961.18 million, a P/E ratio of -201.69, a P/E/G ratio of 5.08 and a beta of 1.14. The company’s 50-day moving average is $20.98 and its 200 day moving average is $18.81. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.39 and a quick ratio of 1.84.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.35 by $0.04. The business had revenue of $109.92 million during the quarter, compared to analyst estimates of $78.52 million. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. Genco Shipping & Trading’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business posted $0.29 earnings per share. On average, sell-side analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 11th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 9.0%. The ex-dividend date is Wednesday, March 11th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio (DPR) is -545.45%.

Analyst Ratings Changes

A number of research analysts have commented on GNK shares. Zacks Research raised Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 17th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Wall Street Zen cut Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Finally, Alliance Global Partners downgraded Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Three research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $21.00.

Insider Activity

In related news, CFO Peter George Allen sold 13,315 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $315,032.90. Following the sale, the chief financial officer directly owned 66,702 shares in the company, valued at $1,578,169.32. The trade was a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Joseph Adamo sold 6,340 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $23.67, for a total value of $150,067.80. Following the completion of the sale, the chief accounting officer directly owned 38,519 shares in the company, valued at approximately $911,744.73. The trade was a 14.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 55,824 shares of company stock worth $1,313,949 in the last quarter. 2.08% of the stock is owned by company insiders.

Genco Shipping & Trading Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.