Empirical Financial Services LLC d.b.a. Empirical Wealth Management Takes $220,000 Position in Genco Shipping & Trading Limited (NYSE:GNK)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Genco Shipping & Trading Limited (NYSE:GNK) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,772 shares of the shipping company’s stock, valued at approximately $220,000.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp grew its holdings in Genco Shipping & Trading by 1.0% in the third quarter. State Street Corp now owns 1,190,467 shares of the shipping company’s stock worth $23,214,000 after purchasing an additional 12,001 shares during the period. Townsend & Associates Inc grew its stake in shares of Genco Shipping & Trading by 2.7% in the 3rd quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company’s stock worth $20,453,000 after buying an additional 27,783 shares during the last quarter. Geode Capital Management LLC increased its position in Genco Shipping & Trading by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 980,097 shares of the shipping company’s stock valued at $19,116,000 after buying an additional 11,151 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in 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 valued at $10,345,000 after buying an additional 219,907 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its holdings in Genco Shipping & Trading by 6.0% in the third quarter. Loomis Sayles & Co. L P now owns 501,503 shares of the shipping company’s stock worth $9,779,000 after acquiring an additional 28,314 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Stifel Nicolaus lowered 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 research report on Wednesday, October 23rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Finally, StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK opened at $14.65 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. The firm’s 50-day moving average price is $14.68 and its 200-day moving average price is $16.71. Genco Shipping & Trading Limited has a 52-week low of $13.51 and a 52-week high of $23.43. The company has a market cap of $626.22 million, a PE ratio of 9.33, a PEG ratio of 0.23 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting analysts’ consensus estimates of $0.41. The business had revenue of $99.33 million during 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%. The firm’s revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) EPS. As a group, analysts anticipate that Genco Shipping & Trading Limited will post 1.75 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were issued a $0.40 dividend. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date was Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a yield of 10.93%. Genco Shipping & Trading’s dividend payout ratio is currently 101.91%.

Genco Shipping & Trading Company 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.