B. Riley Wealth Advisors Inc. Invests $662,000 in Genco Shipping & Trading Limited (NYSE:GNK)

B. Riley Wealth Advisors Inc. purchased a new stake in Genco Shipping & Trading Limited (NYSE:GNK) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 35,000 shares of the shipping company’s stock, valued at approximately $662,000.

Several other large investors have also recently bought and sold shares of GNK. CWM LLC grew its position in shares of Genco Shipping & Trading by 109.5% in the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 998 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Genco Shipping & Trading in the 2nd quarter valued at $82,000. Quarry LP grew its holdings in Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after buying an additional 3,595 shares in the last quarter. nVerses Capital LLC bought a new position in Genco Shipping & Trading during the 2nd quarter worth $136,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Genco Shipping & Trading during the second quarter worth $178,000. 58.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their price target for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Finally, 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. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Stock Performance

Shares of Genco Shipping & Trading stock opened at $13.92 on Thursday. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The company has a market cap of $595.19 million, a PE ratio of 8.87, a price-to-earnings-growth ratio of 0.24 and a beta of 0.96. The company has a 50 day moving average of $16.31 and a 200-day moving average of $18.21. Genco Shipping & Trading Limited has a 1-year low of $13.91 and a 1-year high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The firm had revenue of $99.33 million during the quarter, compared to analysts’ expectations of $72.02 million. During the same period in the prior year, the company earned ($0.09) earnings per share. The company’s quarterly revenue was up 19.2% on a year-over-year basis. As a group, equities research 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 firm also recently announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 11.49%. The ex-dividend date was Monday, November 18th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s payout ratio is currently 101.91%.

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.