Moors & Cabot Inc. Sells 10,335 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Moors & Cabot Inc. trimmed its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 32.9% in the third quarter, Holdings Channel reports. The institutional investor owned 21,069 shares of the shipping company’s stock after selling 10,335 shares during the period. Moors & Cabot Inc.’s holdings in Genco Shipping & Trading were worth $411,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GNK. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Genco Shipping & Trading by 37.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,039 shares of the shipping company’s stock valued at $839,000 after acquiring an additional 11,707 shares in the last quarter. Empowered Funds LLC raised its stake in Genco Shipping & Trading by 5.4% in the third quarter. Empowered Funds LLC now owns 255,775 shares of the shipping company’s stock valued at $4,988,000 after purchasing an additional 12,998 shares in the last quarter. Royce & Associates LP lifted its position in Genco Shipping & Trading by 43.1% during the third quarter. Royce & Associates LP now owns 482,687 shares of the shipping company’s stock worth $9,412,000 after purchasing an additional 145,471 shares during the period. MQS Management LLC acquired a new stake in Genco Shipping & Trading during the third quarter worth about $490,000. Finally, Townsend & Associates Inc increased its holdings in 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 valued at $20,453,000 after buying an additional 27,783 shares during the period. Institutional investors and hedge funds own 58.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GNK. Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price target for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Jefferies Financial Group reissued a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Stock Up 0.8 %

Genco Shipping & Trading stock opened at $16.86 on Friday. The firm’s 50-day simple moving average is $17.41 and its 200 day simple moving average is $19.13. The stock has a market cap of $720.93 million, a PE ratio of 10.74, a price-to-earnings-growth ratio of 0.27 and a beta of 0.98. Genco Shipping & Trading Limited has a fifty-two week low of $14.02 and a fifty-two week high of $23.43. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, meeting the consensus estimate of $0.41. The company had revenue of $99.33 million during the quarter, compared to analysts’ expectations of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. Genco Shipping & Trading’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.09) earnings per share. Research analysts predict that Genco Shipping & Trading Limited will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Monday, November 18th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 9.49%. The ex-dividend date is Monday, November 18th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio is currently 101.91%.

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.