Y Intercept Hong Kong Ltd Has $663,000 Position in Genco Shipping & Trading Limited (NYSE:GNK)

Y Intercept Hong Kong Ltd raised its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 32.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 33,996 shares of the shipping company’s stock after purchasing an additional 8,401 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Genco Shipping & Trading were worth $663,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GNK. Pekin Hardy Strauss Inc. bought a new position in shares of Genco Shipping & Trading during the third quarter worth about $812,000. Dimensional Fund Advisors LP boosted its position in Genco Shipping & Trading by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock worth $61,145,000 after purchasing an additional 33,150 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Genco Shipping & Trading by 70.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after acquiring an additional 219,907 shares during the last quarter. Foundry Partners LLC boosted its stake in Genco Shipping & Trading by 41.2% in the 3rd quarter. Foundry Partners LLC now owns 336,460 shares of the shipping company’s stock valued at $6,561,000 after purchasing an additional 98,195 shares during the period. Finally, Petrus Trust Company LTA bought a new position in shares of Genco Shipping & Trading during the third quarter worth approximately $661,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Stock Down 2.2 %

GNK opened at $14.69 on Friday. The company has a market cap of $628.14 million, a P/E ratio of 9.36, a P/E/G ratio of 0.24 and a beta of 0.96. Genco Shipping & Trading Limited has a 12 month low of $14.59 and a 12 month high of $23.43. 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 business’s 50-day moving average price is $16.54 and its 200-day moving average price is $18.38.

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

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were 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 dividend on an annualized basis and a dividend yield of 10.89%. The ex-dividend date of this dividend was Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 101.91%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GNK. 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 target price for the company. Jefferies Financial Group restated a “buy” rating and issued a $25.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. StockNews.com raised shares of Genco Shipping & Trading from a “hold” rating to a “buy” rating in a research report on Monday, December 9th. Finally, Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.