Empowered Funds LLC Raises Holdings in Genco Shipping & Trading Limited $GNK

Empowered Funds LLC lifted its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 12.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 226,751 shares of the shipping company’s stock after acquiring an additional 25,002 shares during the quarter. Empowered Funds LLC’s holdings in Genco Shipping & Trading were worth $5,113,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. raised its holdings in shares of Genco Shipping & Trading by 230.1% in the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock valued at $30,000 after acquiring an additional 939 shares in the last quarter. Strengthening Families & Communities LLC bought a new position in Genco Shipping & Trading during the 4th quarter worth about $31,000. Advisory Services Network LLC bought a new position in Genco Shipping & Trading during the 3rd quarter worth about $30,000. Kemnay Advisory Services Inc. purchased a new position in Genco Shipping & Trading during the 4th quarter valued at about $32,000. Finally, Sunbelt Securities Inc. purchased a new position in Genco Shipping & Trading during the 3rd quarter valued at about $35,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Down 1.9%

Shares of Genco Shipping & Trading stock opened at $25.50 on Friday. The firm’s 50 day simple moving average is $24.50 and its two-hundred day simple moving average is $23.30. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 67.10, a PEG ratio of 3.13 and a beta of 0.93. Genco Shipping & Trading Limited has a 12-month low of $15.51 and a 12-month high of $27.25. 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 (NYSE:GNK) last posted its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.07 by $0.19. The business had revenue of $114.43 million during the quarter, compared to the consensus estimate of $65.73 million. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The business’s revenue for the quarter was up 60.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.28) earnings per share. Analysts predict that Genco Shipping & Trading Limited will post 2.12 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Monday, May 18th were paid a $0.35 dividend. The ex-dividend date was Monday, May 18th. This represents a $1.40 dividend on an annualized basis and a yield of 5.5%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 368.42%.

Analysts Set New Price Targets

GNK has been the subject of several recent research reports. Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. 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. Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Finally, Zacks Research raised shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.