Nuveen LLC Takes Position in Genco Shipping & Trading Limited $GNK

Key Points

• Nuveen LLC purchased 95,987 shares of Genco Shipping & Trading, worth approximately $1.28 million, increasing institutional ownership to 58.62% of the company.
• Genco Shipping reported a quarterly earnings per share (EPS) of (0.14), beating expectations slightly, but experienced a 24.4% decrease in revenue year-over-year.
• The company recently cut its dividend to $0.15 per share, which represents an annual yield of 3.6% and indicates a high dividend payout ratio of 176.47%.

Nuveen LLC purchased a new position in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 95,987 shares of the shipping company's stock, valued at approximately $1,282,000. Nuveen LLC owned 0.22% of Genco Shipping & Trading as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Genco Shipping & Trading by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,001 shares of the shipping company's stock worth $335,000 after buying an additional 924 shares during the period. Invesco Ltd. increased its stake in shares of Genco Shipping & Trading by 1.5% during the first quarter. Invesco Ltd. now owns 129,232 shares of the shipping company's stock worth $1,727,000 after buying an additional 1,906 shares during the period. Banque Transatlantique SA purchased a new stake in shares of Genco Shipping & Trading during the fourth quarter worth approximately $28,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Genco Shipping & Trading by 13.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 19,617 shares of the shipping company's stock worth $262,000 after buying an additional 2,330 shares during the period. Finally, MetLife Investment Management LLC increased its stake in shares of Genco Shipping & Trading by 12.3% during the fourth quarter. MetLife Investment Management LLC now owns 27,552 shares of the shipping company's stock worth $384,000 after buying an additional 3,015 shares during the period. Hedge funds and other institutional investors own 58.62% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Jefferies Financial Group reaffirmed a "buy" rating and issued a $19.00 price target on shares of Genco Shipping & Trading in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $18.00.

Genco Shipping & Trading Stock Up 2.3%

GNK traded up $0.40 on Friday, reaching $17.81. The company's stock had a trading volume of 450,302 shares, compared to its average volume of 543,014. The stock has a 50 day moving average of $15.82 and a two-hundred day moving average of $14.25. The company has a quick ratio of 1.20, a current ratio of 1.63 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $765.20 million, a price-to-earnings ratio of 52.39 and a beta of 1.22. Genco Shipping & Trading Limited has a fifty-two week low of $11.20 and a fifty-two week high of $19.51.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $46.90 million during the quarter, compared to the consensus estimate of $50.19 million. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The company's revenue was down 24.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.46 earnings per share. As a group, analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 18th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, August 18th. Genco Shipping & Trading's dividend payout ratio is presently 176.47%.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.