13,533 Shares in Genco Shipping & Trading Limited (NYSE:GNK) Purchased by Summit Global Investments

Summit Global Investments acquired a new position in shares of Genco Shipping & Trading Limited (NYSE:GNK) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 13,533 shares of the shipping company’s stock, valued at approximately $288,000.

Several other large investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its position in Genco Shipping & Trading by 6,233.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock valued at $24,395,000 after purchasing an additional 1,181,000 shares during the period. Townsend & Associates Inc lifted its position in Genco Shipping & Trading by 64.6% during the 4th quarter. Townsend & Associates Inc now owns 1,004,426 shares of the shipping company’s stock worth $17,728,000 after acquiring an additional 394,234 shares in the last quarter. Elevatus Welath Management purchased a new position in shares of Genco Shipping & Trading in the first quarter valued at $5,850,000. Foundry Partners LLC purchased a new position in Genco Shipping & Trading in the first quarter valued at about $3,812,000. Finally, Los Angeles Capital Management LLC grew its stake in Genco Shipping & Trading by 494.6% during the 4th quarter. Los Angeles Capital Management LLC now owns 132,189 shares of the shipping company’s stock valued at $2,193,000 after purchasing an additional 109,959 shares in the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Price Performance

NYSE GNK traded up $0.20 during trading on Wednesday, reaching $17.39. 183,999 shares of the company traded hands, compared to its average volume of 642,350. Genco Shipping & Trading Limited has a 1-year low of $12.65 and a 1-year high of $23.43. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.94 and a current ratio of 3.72. The stock’s 50 day moving average price is $19.90 and its two-hundred day moving average price is $20.41. The company has a market cap of $743.56 million, a price-to-earnings ratio of 291.50 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. Genco Shipping & Trading had a return on equity of 5.15% and a net margin of 0.81%. The firm had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $74.86 million. During the same period in the prior year, the business posted $0.27 earnings per share. The business’s revenue was up 18.1% compared to the same quarter last year. As a group, analysts anticipate that Genco Shipping & Trading Limited will post 2.27 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 26th. Investors of record on Monday, August 19th will be given a dividend of $0.34 per share. The ex-dividend date is Monday, August 19th. This represents a $1.36 dividend on an annualized basis and a yield of 7.82%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 2,266.67%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GNK shares. Jefferies Financial Group lifted their price target on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. StockNews.com raised shares of Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. B. Riley boosted their price objective on Genco Shipping & Trading from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, May 10th. Finally, Alliance Global Partners increased their target price on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.75.

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.