Townsend & Associates Inc Boosts Stake in Genco Shipping & Trading Limited (NYSE:GNK)

Townsend & Associates Inc increased its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 2.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,048,858 shares of the shipping company’s stock after buying an additional 27,783 shares during the quarter. Genco Shipping & Trading comprises approximately 2.1% of Townsend & Associates Inc’s investment portfolio, making the stock its 15th biggest holding. Townsend & Associates Inc’s holdings in Genco Shipping & Trading were worth $20,453,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. CWM LLC lifted its holdings in shares of Genco Shipping & Trading by 109.5% during the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after purchasing an additional 998 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at $82,000. nVerses Capital LLC acquired a new stake in shares of Genco Shipping & Trading in the second quarter worth $136,000. Point72 DIFC Ltd purchased a new stake in Genco Shipping & Trading in the second quarter valued at $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Genco Shipping & Trading by 80.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock worth $191,000 after purchasing an additional 4,003 shares during the period. 58.62% of the stock is owned by institutional investors and hedge funds.

Genco Shipping & Trading Trading Down 0.6 %

Shares of GNK stock opened at $17.45 on Friday. Genco Shipping & Trading Limited has a fifty-two week low of $13.10 and a fifty-two week high of $23.43. The firm has a market capitalization of $746.16 million, a P/E ratio of 11.11, a PEG ratio of 0.26 and a beta of 0.98. The stock’s fifty day moving average is $17.32 and its two-hundred day moving average is $19.42. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. The firm had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.49%. Genco Shipping & Trading’s quarterly revenue was up 19.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.09) earnings per share. Research analysts expect that Genco Shipping & Trading Limited will post 1.79 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. Investors of record on Monday, November 18th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 9.17%. The ex-dividend date is Monday, November 18th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 86.62%.

Analysts Set New Price Targets

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

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.