Nisa Investment Advisors LLC purchased a new stake in Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) in the first quarter, Holdings Channel.com reports. The institutional investor purchased 12,000 shares of the shipping company’s stock, valued at approximately $283,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Genco Shipping & Trading by 120.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,477 shares of the shipping company’s stock valued at $88,000 after purchasing an additional 2,988 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in shares of Genco Shipping & Trading in the first quarter valued at approximately $88,000. Lazard Asset Management LLC boosted its holdings in shares of Genco Shipping & Trading by 27.9% in the fourth quarter. Lazard Asset Management LLC now owns 6,202 shares of the shipping company’s stock valued at $99,000 after acquiring an additional 1,354 shares during the period. PDT Partners LLC acquired a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at approximately $170,000. Finally, Sweet Financial Partners LLC acquired a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at approximately $200,000. 75.90% of the stock is owned by institutional investors and hedge funds.
Genco Shipping & Trading Trading Up 0.5 %
Shares of GNK stock opened at $18.70 on Wednesday. Genco Shipping & Trading Limited has a fifty-two week low of $13.21 and a fifty-two week high of $27.15. The stock has a market cap of $787.31 million, a P/E ratio of 3.60 and a beta of 0.97. The business has a fifty day simple moving average of $20.76 and a 200-day simple moving average of $20.32. The company has a quick ratio of 2.16, a current ratio of 2.78 and a debt-to-equity ratio of 0.20.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The shipping company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). Genco Shipping & Trading had a net margin of 37.21% and a return on equity of 25.50%. The firm had revenue of $97.76 million during the quarter, compared to analysts’ expectations of $95.11 million. On average, analysts forecast that Genco Shipping & Trading Limited will post 4.62 earnings per share for the current fiscal year.
Genco Shipping & Trading Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, May 24th. Stockholders of record on Monday, May 16th were given a $0.79 dividend. The ex-dividend date of this dividend was Friday, May 13th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 16.90%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.67. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 60.89%.
Insider Activity
In other news, CEO John C. Wobensmith sold 100,000 shares of the firm’s stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $25.14, for a total value of $2,514,000.00. Following the completion of the transaction, the chief executive officer now owns 399,099 shares in the company, valued at $10,033,348.86. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO John C. Wobensmith sold 45,000 shares of the stock in a transaction on Friday, May 27th. The stock was sold at an average price of $25.15, for a total transaction of $1,131,750.00. Following the sale, the chief executive officer now owns 399,099 shares of the company’s stock, valued at $10,037,339.85. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO John C. Wobensmith sold 100,000 shares of the stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $25.14, for a total value of $2,514,000.00. Following the sale, the chief executive officer now directly owns 399,099 shares in the company, valued at approximately $10,033,348.86. The disclosure for this sale can be found here. Insiders sold a total of 148,500 shares of company stock worth $3,732,515 over the last 90 days. 2.50% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the company. B. Riley increased their price objective on Genco Shipping & Trading from $27.00 to $31.00 in a report on Friday, May 6th. Jefferies Financial Group assumed coverage on Genco Shipping & Trading in a report on Wednesday, July 20th. They set a “buy” rating and a $25.00 price target for the company. Clarkson Capital reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a report on Tuesday, June 14th. Finally, StockNews.com raised Genco Shipping & Trading from a “hold” rating to a “buy” rating in a report on Wednesday, July 13th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Genco Shipping & Trading has a consensus rating of “Buy” and a consensus target price of $28.00.
Genco Shipping & Trading Profile
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.
See Also
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