Los Angeles Capital Management LLC Reduces Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Los Angeles Capital Management LLC decreased its position in Genco Shipping & Trading Limited (NYSE:GNK) by 10.6% during the third quarter, Holdings Channel.com reports. The fund owned 48,099 shares of the shipping company’s stock after selling 5,700 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Genco Shipping & Trading were worth $938,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Moors & Cabot Inc. grew its stake in shares of Genco Shipping & Trading by 2.0% in the second quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock worth $669,000 after purchasing an additional 628 shares during the last quarter. SummerHaven Investment Management LLC lifted its holdings in Genco Shipping & Trading by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock worth $1,158,000 after buying an additional 682 shares during the period. CWM LLC grew its position in shares of Genco Shipping & Trading by 109.5% in the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after buying an additional 998 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Genco Shipping & Trading by 12.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock valued at $244,000 after buying an additional 1,279 shares during the period. Finally, Point72 Asset Management L.P. raised its holdings in shares of Genco Shipping & Trading by 7.6% during the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock valued at $390,000 after acquiring an additional 1,300 shares in the last quarter. 58.62% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on GNK. Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price target for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft initiated 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. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $25.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Genco Shipping & Trading currently has a consensus rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $17.66 on Friday. The company’s fifty day moving average price is $17.39 and its 200-day moving average price is $19.30. The stock has a market cap of $755.14 million, a PE ratio of 11.25, a price-to-earnings-growth ratio of 0.28 and a beta of 0.98. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a 12 month low of $13.90 and a 12 month high of $23.43.

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

Genco Shipping & Trading Increases Dividend

The business also recently disclosed 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. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a yield of 9.06%. Genco Shipping & Trading’s payout ratio is presently 86.62%.

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.