Genco Shipping & Trading Limited $GNK Shares Newly Bought by Virtus Advisers LLC

Virtus Advisers LLC acquired a new stake in Genco Shipping & Trading Limited (NYSE:GNK) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 39,617 shares of the shipping company’s stock, valued at approximately $1,036,000. Virtus Advisers LLC owned 0.09% of Genco Shipping & Trading at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio purchased a new position in shares of Genco Shipping & Trading during the second quarter worth approximately $35,000. Fortitude Family Office LLC raised its stake in shares of Genco Shipping & Trading by 697.2% during the third quarter. Fortitude Family Office LLC now owns 2,280 shares of the shipping company’s stock valued at $60,000 after acquiring an additional 1,994 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Genco Shipping & Trading by 77.0% during the third quarter. Farther Finance Advisors LLC now owns 3,012 shares of the shipping company’s stock valued at $79,000 after acquiring an additional 1,310 shares in the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Genco Shipping & Trading in the third quarter valued at approximately $92,000. Finally, Parallel Advisors LLC boosted its holdings in shares of Genco Shipping & Trading by 114.1% in the third quarter. Parallel Advisors LLC now owns 3,550 shares of the shipping company’s stock valued at $93,000 after purchasing an additional 1,892 shares during the period. 58.62% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GNK has been the topic of several research analyst reports. B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday. BTIG Research dropped coverage on Genco Shipping & Trading in a research report on Friday, September 18th. They set a “neutral” rating for the company. Wall Street Zen upgraded Genco Shipping & Trading to a “hold” rating in a report on Saturday, November 7th. Finally, Zacks Research upgraded Genco Shipping & Trading from a “strong sell” rating to a “hold” rating in a report on Friday, November 6th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Genco Shipping & Trading Stock Down 1.0%

Genco Shipping & Trading stock traded down $0.26 during midday trading on Friday, hitting $26.15. 572,651 shares of the company’s stock were exchanged, compared to its average volume of 621,992. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.12 and a current ratio of 2.58. The company has a market cap of $1.14 billion, a PE ratio of 14.69, a P/E/G ratio of 2.86 and a beta of 1.08. The firm has a 50-day moving average of $26.31 and a two-hundred day moving average of $24.59. Genco Shipping & Trading Limited has a 12 month low of $17.07 and a 12 month high of $28.42.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, November 4th. The shipping company reported $0.88 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.01). Genco Shipping & Trading had a net margin of 15.48% and a return on equity of 10.88%. The business had revenue of $151.85 million during the quarter, compared to the consensus estimate of $105.04 million. During the same quarter in the prior year, the firm posted ($0.01) EPS. The company’s revenue for the quarter was up 90.0% compared to the same quarter last year. As a group, analysts expect that Genco Shipping & Trading Limited will post 2.41 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Monday, November 16th will be issued a dividend of $1.05 per share. The ex-dividend date of this dividend is Monday, November 16th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.80. This represents a $4.20 annualized dividend and a yield of 16.1%. Genco Shipping & Trading’s dividend payout ratio is 235.96%.

Genco Shipping & Trading Profile

Genco Shipping & Trading is an international drybulk shipping company that owns and operates vessels carrying commodities for customers around the world. Its fleet includes large Capesize ships and smaller Supramax and Ultramax vessels, serving a range of drybulk cargo needs. The company transports commodities such as iron ore, coal, grain, bauxite, steel products and fertilizers. Its vessels operate on global trade routes, connecting commodity producers and markets across multiple regions. Founded in 2004, Genco is headquartered in New York City.