Pekin Hardy Strauss Inc. Makes New Investment in Genco Shipping & Trading Limited (NYSE:GNK)

Pekin Hardy Strauss Inc. bought a new position in Genco Shipping & Trading Limited (NYSE:GNK) during the third quarter, according to its most recent filing with the SEC. The firm bought 41,650 shares of the shipping company’s stock, valued at approximately $812,000. Pekin Hardy Strauss Inc. owned approximately 0.10% of Genco Shipping & Trading as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in GNK. Renaissance Technologies LLC raised its stake in Genco Shipping & Trading by 66.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock valued at $22,376,000 after acquiring an additional 419,730 shares during the period. Charles Schwab Investment Management Inc. lifted 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 worth $10,345,000 after purchasing an additional 219,907 shares during the last quarter. Algert Global LLC boosted its stake in shares of Genco Shipping & Trading by 694.2% in the 2nd quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock valued at $5,098,000 after purchasing an additional 209,093 shares in the last quarter. American Century Companies Inc. grew its position in Genco Shipping & Trading by 16.4% during the 2nd quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock worth $23,372,000 after acquiring an additional 154,339 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Genco Shipping & Trading in the second quarter valued at about $3,106,000. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

Genco Shipping & Trading stock opened at $16.86 on Monday. The stock has a market cap of $720.93 million, a price-to-earnings 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 1-year low of $14.02 and a 1-year high of $23.43. The firm has a 50 day simple moving average of $17.41 and a 200-day simple moving average of $19.11. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. The business had revenue of $99.33 million during 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%. The company’s quarterly revenue was up 19.2% on a year-over-year basis. During the same period last year, the business posted ($0.09) earnings per share. On average, analysts expect that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their price target for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, 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 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.