Verity Asset Management Inc. Makes New $226,000 Investment in Genco Shipping & Trading Limited (NYSE:GNK)

Verity Asset Management Inc. acquired a new stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 16,231 shares of the shipping company’s stock, valued at approximately $226,000.

Several other large investors have also modified their holdings of GNK. R Squared Ltd acquired a new position in Genco Shipping & Trading during the fourth quarter worth approximately $29,000. Tidal Investments LLC grew its stake in shares of Genco Shipping & Trading by 13.4% during the 3rd quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock valued at $479,000 after buying an additional 2,898 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of Genco Shipping & Trading by 26.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,190 shares of the shipping company’s stock valued at $198,000 after buying an additional 3,000 shares during the period. SG Americas Securities LLC increased its holdings in shares of Genco Shipping & Trading by 11.8% during the 4th quarter. SG Americas Securities LLC now owns 29,881 shares of the shipping company’s stock worth $417,000 after buying an additional 3,142 shares during the last quarter. Finally, Quarry LP raised its position in shares of Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after buying an additional 3,595 shares during the period. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GNK. 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. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price target for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Two 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.com, Genco Shipping & Trading has an average rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Price Performance

GNK stock opened at $14.69 on Wednesday. The stock has a 50-day simple moving average of $14.53 and a 200-day simple moving average of $16.52. The firm has a market cap of $628.27 million, a P/E ratio of 9.36, a price-to-earnings-growth ratio of 3.17 and a beta of 0.97. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. Genco Shipping & Trading Limited has a 1 year low of $13.51 and a 1 year high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. During the same quarter last year, the company earned ($0.09) earnings per share. Genco Shipping & Trading’s revenue for the quarter was up 19.2% on a year-over-year basis. On average, equities analysts predict that Genco Shipping & Trading Limited will post 1.75 earnings per share for the current fiscal year.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.