Quantinno Capital Management LP Increases Position in Genco Shipping & Trading Limited $GNK

Quantinno Capital Management LP lifted its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 104.8% in the 1st quarter, HoldingsChannel reports. The fund owned 56,860 shares of the shipping company’s stock after purchasing an additional 29,098 shares during the quarter. Quantinno Capital Management LP’s holdings in Genco Shipping & Trading were worth $1,282,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in GNK. Focus Partners Wealth boosted its position in Genco Shipping & Trading by 3.1% during the fourth quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock valued at $15,385,000 after purchasing an additional 26,326 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Genco Shipping & Trading by 14.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock valued at $13,799,000 after purchasing an additional 96,703 shares during the last quarter. Millennium Management LLC raised its holdings in Genco Shipping & Trading by 100.3% in the fourth quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after purchasing an additional 272,094 shares in the last quarter. Bridgeway Capital Management LLC raised its holdings in Genco Shipping & Trading by 0.9% in the third quarter. Bridgeway Capital Management LLC now owns 456,157 shares of the shipping company’s stock worth $8,120,000 after purchasing an additional 4,288 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Genco Shipping & Trading by 364.8% during the first quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company’s stock valued at $6,938,000 after buying an additional 241,471 shares during the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GNK. Weiss Ratings restated a “hold (c)” rating on shares of Genco Shipping & Trading in a report on Wednesday, August 5th. Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $29.00 target price on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

Genco Shipping & Trading Trading Up 1.3%

Shares of NYSE:GNK opened at $26.32 on Friday. The business’s 50-day moving average is $24.81 and its 200 day moving average is $23.72. Genco Shipping & Trading Limited has a 1 year low of $15.55 and a 1 year high of $27.25. The firm has a market capitalization of $1.15 billion, a P/E ratio of 28.92, a P/E/G ratio of 3.00 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.97 and a quick ratio of 2.41.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. The company had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $90.59 million. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The firm’s revenue was up 68.5% compared to the same quarter last year. During the same period last year, the business posted ($0.16) earnings per share. On average, research analysts predict that Genco Shipping & Trading Limited will post 2.25 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 17th will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 12.2%. The ex-dividend date of this dividend is Monday, August 17th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35. Genco Shipping & Trading’s payout ratio is 153.85%.

Genco Shipping & Trading Company Profile

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.