Royce & Associates LP Reduces Stock Holdings in Genco Shipping & Trading Limited $GNK

Royce & Associates LP reduced its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 19.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 478,637 shares of the shipping company’s stock after selling 114,908 shares during the quarter. Royce & Associates LP owned 1.11% of Genco Shipping & Trading worth $8,821,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at about $30,000. Advisory Services Network LLC purchased a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at about $30,000. Strengthening Families & Communities LLC purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at about $31,000. Sunbelt Securities Inc. purchased a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at about $35,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Genco Shipping & Trading by 58.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,073 shares of the shipping company’s stock valued at $55,000 after buying an additional 1,131 shares during the period. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Genco Shipping & Trading Price Performance

GNK stock opened at $24.10 on Friday. Genco Shipping & Trading Limited has a 52-week low of $12.66 and a 52-week high of $27.25. The company has a quick ratio of 2.41, a current ratio of 2.98 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $1.05 billion, a PE ratio of 63.42, a P/E/G ratio of 3.36 and a beta of 0.97. The stock’s 50 day moving average is $23.85 and its two-hundred day moving average is $21.35.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.19. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The business had revenue of $114.43 million during the quarter, compared to the consensus estimate of $65.73 million. During the same period in the previous year, the business earned ($0.28) EPS. The business’s quarterly revenue was up 60.6% on a year-over-year basis. Analysts predict that Genco Shipping & Trading Limited will post 1.81 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date was Monday, May 18th. Genco Shipping & Trading’s payout ratio is 368.42%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GNK. Weiss Ratings raised Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a report on Friday, May 8th. Zacks Research downgraded Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Finally, Alliance Global Partners downgraded Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $23.67.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.