JPMorgan Chase & Co. Has $5.56 Million Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

JPMorgan Chase & Co. increased its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 155.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 285,091 shares of the shipping company’s stock after purchasing an additional 173,270 shares during the period. JPMorgan Chase & Co.’s holdings in Genco Shipping & Trading were worth $5,559,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GNK. Pekin Hardy Strauss Inc. bought a new position in shares of Genco Shipping & Trading during the third quarter worth $812,000. Dimensional Fund Advisors LP lifted its holdings in Genco Shipping & Trading by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock worth $61,145,000 after acquiring an additional 33,150 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Genco Shipping & Trading by 70.8% in 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 in the last quarter. Barclays PLC increased its holdings in shares of Genco Shipping & Trading by 499.7% in the third quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock worth $2,016,000 after acquiring an additional 86,147 shares in the last quarter. Finally, Petrus Trust Company LTA bought a new stake in shares of Genco Shipping & Trading in the third quarter worth about $661,000. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Price Performance

Shares of GNK opened at $14.29 on Friday. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a twelve month low of $13.51 and a twelve month high of $23.43. The stock has a market capitalization of $611.10 million, a P/E ratio of 9.10, a P/E/G ratio of 0.24 and a beta of 0.99. The company has a 50 day moving average of $15.30 and a 200-day moving average of $17.19.

Genco Shipping & Trading (NYSE:GNK) last released its 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. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The business had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. During the same quarter last year, the firm earned ($0.09) earnings per share. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year. As a group, equities research analysts forecast that Genco Shipping & Trading Limited will post 1.75 EPS 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. Investors of record on Monday, November 18th were given a $0.40 dividend. The ex-dividend date was Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.20%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s payout ratio is currently 101.91%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GNK shares. Jefferies Financial Group reissued a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. StockNews.com lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their target price for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Two 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.