Foundry Partners LLC Acquires 98,195 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Foundry Partners LLC raised its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 41.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 336,460 shares of the shipping company’s stock after buying an additional 98,195 shares during the quarter. Foundry Partners LLC’s holdings in Genco Shipping & Trading were worth $6,561,000 at the end of the most recent quarter.

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

Genco Shipping & Trading Trading Down 0.3 %

Shares of NYSE:GNK opened at $17.14 on Thursday. The business’s 50-day moving average is $17.43 and its 200 day moving average is $19.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. Genco Shipping & Trading Limited has a 1 year low of $14.02 and a 1 year high of $23.43. The firm has a market capitalization of $732.91 million, a P/E ratio of 10.92, a P/E/G ratio of 0.27 and a beta of 0.98.

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

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be given a dividend of $0.40 per share. 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 9.33%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s payout ratio is currently 101.91%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. 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 price target on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Finally, Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their target price for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.20.

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.