Genco Shipping & Trading Limited (NYSE:GNK) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets lowered its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 58.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,469 shares of the shipping company’s stock after selling 36,450 shares during the period. BNP Paribas Financial Markets owned approximately 0.06% of Genco Shipping & Trading worth $497,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of GNK. Pekin Hardy Strauss Inc. purchased a new position in Genco Shipping & Trading in the 3rd quarter valued at $812,000. Dimensional Fund Advisors LP boosted its holdings in shares of Genco Shipping & Trading by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after acquiring an additional 33,150 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Genco Shipping & Trading by 70.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after acquiring an additional 219,907 shares during the period. Foundry Partners LLC raised its holdings in Genco Shipping & Trading by 41.2% during the third quarter. Foundry Partners LLC now owns 336,460 shares of the shipping company’s stock worth $6,561,000 after purchasing an additional 98,195 shares in the last quarter. Finally, Algert Global LLC lifted its position in Genco Shipping & Trading by 694.2% in the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock valued at $5,098,000 after purchasing an additional 209,093 shares during the period. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on GNK. Stifel Nicolaus cut 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. Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, November 7th. StockNews.com raised Genco Shipping & Trading from a “hold” rating to a “buy” rating in a report on Monday, December 9th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading Trading Down 2.1 %

Shares of GNK stock opened at $14.71 on Friday. Genco Shipping & Trading Limited has a fifty-two week low of $14.59 and a fifty-two week high of $23.43. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $16.54 and a 200-day simple moving average of $18.41. The stock has a market cap of $629.00 million, a P/E ratio of 9.37, a P/E/G ratio of 0.24 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 analysts’ expectations of $72.02 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share. The firm’s quarterly revenue was up 19.2% compared to the same quarter last year. On average, 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 business also recently announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 10.88%. 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 dividend payout ratio is 101.91%.

About Genco Shipping & Trading

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.