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

Foundry Partners LLC lifted its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 41.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 336,460 shares of the shipping company’s stock after purchasing an additional 98,195 shares during the quarter. Foundry Partners LLC owned 0.79% of Genco Shipping & Trading worth $6,561,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Genco Shipping & Trading by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock valued at $23,326,000 after buying an additional 47,060 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake 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 worth $61,145,000 after buying an additional 33,150 shares in the last quarter. Algert Global LLC grew its position in Genco Shipping & Trading by 694.2% during the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock valued at $5,098,000 after acquiring an additional 209,093 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Genco Shipping & Trading in the 2nd quarter worth approximately $3,106,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at $1,492,000. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Trading Down 0.3 %

GNK opened at $17.14 on Thursday. Genco Shipping & Trading Limited has a one year low of $14.02 and a one year 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 business has a 50 day simple moving average of $17.43 and a two-hundred day simple moving average of $19.20. The firm has a market capitalization of $732.91 million, a price-to-earnings ratio of 10.92, a PEG ratio of 0.27 and a beta of 0.98.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting 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 for the quarter, compared to analysts’ expectations of $72.02 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year. Analysts predict that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be issued a $0.40 dividend. The ex-dividend date is Monday, November 18th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a yield of 9.33%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 101.91%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their target price for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target on the stock. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock 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.