Pekin Hardy Strauss Inc. Takes Position in Genco Shipping & Trading Limited (NYSE:GNK)

Pekin Hardy Strauss Inc. bought a new position in shares of Genco Shipping & Trading Limited (NYSE:GNK) during the third quarter, Holdings Channel.com reports. The fund bought 41,650 shares of the shipping company’s stock, valued at approximately $812,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Genco Shipping & Trading by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock valued at $23,326,000 after purchasing an additional 47,060 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Genco Shipping & Trading by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after buying an additional 33,150 shares during the last quarter. Algert Global LLC raised its stake in Genco Shipping & Trading by 694.2% in the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock valued at $5,098,000 after buying an additional 209,093 shares in the last quarter. Marshall Wace LLP purchased a new stake in Genco Shipping & Trading during the 2nd quarter worth about $3,106,000. Finally, Canada Pension Plan Investment Board purchased a new stake in Genco Shipping & Trading during the 2nd quarter worth about $1,492,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Up 0.8 %

GNK stock opened at $16.86 on Monday. Genco Shipping & Trading Limited has a 12 month low of $14.02 and a 12 month high of $23.43. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The company has a market cap of $720.93 million, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 0.27 and a beta of 0.98. The company has a fifty day moving average price of $17.41 and a 200 day moving average price of $19.11.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The business had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. Sell-side analysts expect that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be paid a $0.40 dividend. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a dividend yield of 9.49%. The ex-dividend date of this dividend is Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 101.91%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GNK. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their target price for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading 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.