Semanteon Capital Management LP Invests $905,000 in Genco Shipping & Trading Limited (NYSE:GNK)

Semanteon Capital Management LP purchased a new stake in Genco Shipping & Trading Limited (NYSE:GNK) during the third quarter, HoldingsChannel.com reports. The firm purchased 46,405 shares of the shipping company’s stock, valued at approximately $905,000.

Several other large investors have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its stake in shares of Genco Shipping & Trading by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock worth $61,145,000 after purchasing an additional 33,150 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Genco Shipping & Trading by 6,233.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock worth $24,395,000 after buying an additional 1,181,000 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Genco Shipping & Trading by 4.3% during the first quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock worth $23,326,000 after buying an additional 47,060 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Genco Shipping & Trading by 16.4% in the second quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock valued at $23,372,000 after acquiring an additional 154,339 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Genco Shipping & Trading by 66.6% during the second quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock worth $22,376,000 after acquiring an additional 419,730 shares during the period. 58.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price objective for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Alliance Global Partners boosted their price target on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, July 1st. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.60.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK traded down $0.11 during trading hours on Monday, hitting $15.75. 62,840 shares of the stock were exchanged, compared to its average volume of 587,613. Genco Shipping & Trading Limited has a 1-year low of $12.65 and a 1-year high of $23.43. The company has a market cap of $673.44 million, a PE ratio of 264.33, a price-to-earnings-growth ratio of 0.23 and a beta of 0.95. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59. The company’s fifty day simple moving average is $17.53 and its two-hundred day simple moving average is $19.71.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The firm had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $74.86 million. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.27 earnings per share. On average, sell-side analysts predict that Genco Shipping & Trading Limited will post 2.1 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Monday, August 19th were given a $0.34 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.36 annualized dividend and a yield of 8.63%. Genco Shipping & Trading’s dividend payout ratio is presently 2,266.67%.

Genco Shipping & Trading Company 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.