Algert Global LLC Buys 133,920 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Algert Global LLC increased its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 56.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 373,133 shares of the shipping company’s stock after buying an additional 133,920 shares during the period. Algert Global LLC’s holdings in Genco Shipping & Trading were worth $7,276,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. CWM LLC raised its stake in Genco Shipping & Trading by 109.5% in the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after buying an additional 998 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Genco Shipping & Trading during the second quarter valued at approximately $82,000. nVerses Capital LLC bought a new stake in shares of Genco Shipping & Trading during the second quarter valued at approximately $136,000. Point72 DIFC Ltd bought a new stake in shares of Genco Shipping & Trading during the second quarter valued at approximately $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Genco Shipping & Trading by 80.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock valued at $191,000 after acquiring an additional 4,003 shares in the last quarter. 58.62% of the stock is owned by institutional investors.

Genco Shipping & Trading Stock Up 0.8 %

GNK opened at $16.86 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The stock has a market cap of $720.93 million, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 0.27 and a beta of 0.98. The firm’s fifty day moving average is $17.41 and its 200 day moving average is $19.13. Genco Shipping & Trading Limited has a fifty-two week low of $14.02 and a fifty-two week high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.41. The company had revenue of $99.33 million for the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. Genco Shipping & Trading’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. On average, sell-side analysts forecast that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be issued a $0.40 dividend. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 9.49%. The ex-dividend date of this dividend is Monday, November 18th. Genco Shipping & Trading’s payout ratio is currently 101.91%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group reissued a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their target price for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and a consensus price target of $24.20.

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.