Genco Shipping & Trading Limited (NYSE:GNK) Shares Purchased by Loomis Sayles & Co. L P

Loomis Sayles & Co. L P grew its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 6.0% in the third quarter, HoldingsChannel reports. The fund owned 501,503 shares of the shipping company’s stock after buying an additional 28,314 shares during the period. Loomis Sayles & Co. L P’s holdings in Genco Shipping & Trading were worth $9,779,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. CWM LLC lifted its holdings in Genco Shipping & Trading by 109.5% in the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after purchasing an additional 998 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth about $82,000. nVerses Capital LLC acquired a new stake in shares of Genco Shipping & Trading in the 2nd quarter worth approximately $136,000. Point72 DIFC Ltd bought a new position in shares of Genco Shipping & Trading in the second quarter valued at approximately $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Genco Shipping & Trading by 80.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock worth $191,000 after purchasing an additional 4,003 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GNK shares. Deutsche Bank Aktiengesellschaft started 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. Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their price target for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group restated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Trading Down 4.5 %

Shares of NYSE GNK opened at $16.05 on Thursday. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a 12 month low of $14.02 and a 12 month high of $23.43. The company has a market cap of $686.08 million, a price-to-earnings ratio of 10.22, a P/E/G ratio of 0.27 and a beta of 0.98. The business has a fifty day simple moving average of $17.39 and a 200-day simple moving average of $19.00.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, meeting analysts’ consensus estimates of $0.41. The company 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%. The business’s quarterly revenue was up 19.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.09) earnings per share. Sell-side analysts predict that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 9.97%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date was Monday, November 18th. Genco Shipping & Trading’s payout ratio is presently 101.91%.

About Genco Shipping & Trading

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.