Y Intercept Hong Kong Ltd Increases Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Y Intercept Hong Kong Ltd lifted its position in Genco Shipping & Trading Limited (NYSE:GNK) by 32.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,996 shares of the shipping company’s stock after purchasing an additional 8,401 shares during the quarter. Y Intercept Hong Kong Ltd owned about 0.08% of Genco Shipping & Trading worth $663,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. CWM LLC increased its holdings in shares of Genco Shipping & Trading by 109.5% during the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after acquiring an additional 998 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Genco Shipping & Trading during the second quarter worth about $82,000. Quarry LP raised its holdings in shares of Genco Shipping & Trading by 535.8% during the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after acquiring an additional 3,595 shares during the last quarter. nVerses Capital LLC purchased a new position in Genco Shipping & Trading in the 2nd quarter valued at $136,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Genco Shipping & Trading in the second quarter valued at approximately $178,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on GNK shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their price objective for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group restated a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Finally, StockNews.com upgraded shares of Genco Shipping & Trading from a “hold” rating to a “buy” rating in a research note on Monday, December 9th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Stock Performance

Genco Shipping & Trading stock opened at $14.69 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The company has a market cap of $628.14 million, a price-to-earnings ratio of 9.36, a price-to-earnings-growth ratio of 0.24 and a beta of 0.96. The stock’s 50-day moving average is $16.54 and its 200-day moving average is $18.38. Genco Shipping & Trading Limited has a 12 month low of $14.59 and a 12 month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued 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. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. During the same period in the previous year, the business earned ($0.09) EPS. The business’s quarterly revenue was up 19.2% on a year-over-year basis. Equities analysts anticipate 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 announced a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were issued a dividend of $0.40 per share. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.60 annualized dividend and a yield of 10.89%. Genco Shipping & Trading’s payout ratio is presently 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.