Cornercap Investment Counsel Inc. Trims Position in Genco Shipping & Trading Limited (NYSE:GNK)

Cornercap Investment Counsel Inc. lowered its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 48.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,104 shares of the shipping company’s stock after selling 12,388 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Genco Shipping & Trading were worth $256,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of Genco Shipping & Trading by 109.5% during the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock worth $41,000 after acquiring an additional 998 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Genco Shipping & Trading during the second quarter worth about $82,000. nVerses Capital LLC bought a new stake in shares of Genco Shipping & Trading during the second quarter valued at approximately $136,000. Point72 DIFC Ltd acquired a new stake in Genco Shipping & Trading in the second quarter worth approximately $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Genco Shipping & Trading by 80.4% in the 2nd 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. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Trading Up 2.0 %

Shares of GNK opened at $17.62 on Tuesday. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The stock has a market cap of $753.18 million, a PE ratio of 11.22, a PEG ratio of 0.28 and a beta of 0.98. Genco Shipping & Trading Limited has a 1 year low of $14.02 and a 1 year high of $23.43. The stock has a 50 day simple moving average of $17.39 and a 200-day simple moving average of $19.27.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data 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 firm had revenue of $99.33 million for the quarter, compared to analysts’ expectations of $72.02 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. The company’s quarterly revenue was up 19.2% compared to the same quarter last year. On average, sell-side analysts predict that Genco Shipping & Trading Limited will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 18th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 9.08%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date is Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio is presently 101.91%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented 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 note on Thursday, November 7th. Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price target for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a report 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.