24,852 Shares in Genco Shipping & Trading Limited $GNK Purchased by Counterpoint Mutual Funds LLC

Counterpoint Mutual Funds LLC purchased a new position in shares of Genco Shipping & Trading Limited (NYSE:GNK) in the first quarter, HoldingsChannel reports. The institutional investor purchased 24,852 shares of the shipping company’s stock, valued at approximately $560,000.

A number of other institutional investors also recently added to or reduced their stakes in GNK. Royal Bank of Canada grew its stake in shares of Genco Shipping & Trading by 68.2% in the 1st quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company’s stock valued at $725,000 after purchasing an additional 22,007 shares during the period. Amundi raised its holdings in shares of Genco Shipping & Trading by 29.0% in the 1st quarter. Amundi now owns 8,000 shares of the shipping company’s stock worth $101,000 after buying an additional 1,800 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Genco Shipping & Trading by 49.3% during the 1st quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after buying an additional 97,766 shares during the period. Dynamic Technology Lab Private Ltd lifted its position in shares of Genco Shipping & Trading by 59.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company’s stock worth $238,000 after buying an additional 6,660 shares during the period. Finally, Cetera Investment Advisers lifted its position in shares of Genco Shipping & Trading by 15.7% during the 2nd quarter. Cetera Investment Advisers now owns 19,983 shares of the shipping company’s stock worth $261,000 after buying an additional 2,715 shares during the period. 58.62% of the stock is owned by institutional investors and hedge funds.

Genco Shipping & Trading Price Performance

Shares of Genco Shipping & Trading stock opened at $24.39 on Friday. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 64.19, a P/E/G ratio of 3.53 and a beta of 0.93. The firm’s 50-day moving average price is $24.24 and its two-hundred day moving average price is $22.36. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. Genco Shipping & Trading Limited has a 1-year low of $13.55 and a 1-year high of $27.25.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.19. The company had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $65.73 million. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. Genco Shipping & Trading’s quarterly revenue was up 60.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.28) earnings per share. On average, equities 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 firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Monday, May 18th were given a $0.35 dividend. The ex-dividend date was Monday, May 18th. This represents a $1.40 annualized dividend and a yield of 5.7%. Genco Shipping & Trading’s payout ratio is presently 368.42%.

Analysts Set New Price Targets

A number of analysts have weighed in on GNK shares. Zacks Research cut Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Weiss Ratings raised Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. Finally, Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average 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.