XTX Topco Ltd Sells 2,370 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

XTX Topco Ltd decreased its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 11.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,354 shares of the shipping company’s stock after selling 2,370 shares during the period. XTX Topco Ltd’s holdings in Genco Shipping & Trading were worth $358,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. CWM LLC grew its position in 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 buying an additional 998 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Genco Shipping & Trading by 12.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock valued at $244,000 after acquiring an additional 1,279 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in Genco Shipping & Trading by 605.5% in the second quarter. Nisa Investment Advisors LLC now owns 95,104 shares of the shipping company’s stock valued at $2,027,000 after acquiring an additional 81,624 shares during the period. Summit Global Investments acquired a new position in Genco Shipping & Trading in the second quarter worth about $288,000. Finally, SummerHaven Investment Management LLC lifted its stake in Genco Shipping & Trading by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock worth $1,158,000 after purchasing an additional 682 shares during the period. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GNK. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday. Stifel Nicolaus downgraded 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 research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research note 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 company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Trading Down 0.5 %

NYSE:GNK opened at $14.62 on Tuesday. The firm has a market capitalization of $624.91 million, a price-to-earnings ratio of 9.31, a PEG ratio of 0.24 and a beta of 0.96. Genco Shipping & Trading Limited has a 1-year low of $14.59 and a 1-year high of $23.43. The business’s 50-day moving average price is $16.54 and its two-hundred day moving average price is $18.36. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41. The business 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% on a year-over-year basis. During the same period last year, the company posted ($0.09) EPS. On average, equities analysts expect that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 10.95%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date was Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 101.91%.

Genco Shipping & Trading 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.