Verition Fund Management LLC Invests $257,000 in Genco Shipping & Trading Limited (NYSE:GNK)

Verition Fund Management LLC purchased a new stake in Genco Shipping & Trading Limited (NYSE:GNK) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 13,183 shares of the shipping company’s stock, valued at approximately $257,000.

Several other large investors have also recently bought and sold shares of GNK. Moors & Cabot Inc. grew its position in shares of Genco Shipping & Trading by 2.0% in the second quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock valued at $669,000 after purchasing an additional 628 shares during the last quarter. SummerHaven Investment Management LLC grew its holdings in Genco Shipping & Trading by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock valued at $1,158,000 after buying an additional 682 shares in the last quarter. CWM LLC increased its position in Genco Shipping & Trading by 109.5% during the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after buying an additional 998 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Genco Shipping & Trading by 12.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock worth $244,000 after buying an additional 1,279 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of Genco Shipping & Trading by 7.6% in the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock valued at $390,000 after acquiring an additional 1,300 shares during the period. 58.62% of the stock is owned by institutional investors.

Genco Shipping & Trading Trading Down 2.2 %

Shares of GNK stock opened at $14.69 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 stock’s fifty day moving average price is $16.54 and its two-hundred day moving average price is $18.38. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The company has a market cap of $628.14 million, a PE ratio of 9.36, a P/E/G ratio of 0.24 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting the consensus estimate of $0.41. The business had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. Genco Shipping & Trading’s revenue was up 19.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) earnings per share. Equities analysts predict that Genco Shipping & Trading Limited will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Investors 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 yield of 10.89%. 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 is currently 101.91%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GNK. Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company. StockNews.com raised Genco Shipping & Trading from a “hold” rating to a “buy” rating in a research report on Monday, December 9th. Jefferies Financial Group restated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Finally, Stifel Nicolaus downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their target price 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 five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.