American Century Companies Inc. Grows Stock Holdings in Genco Shipping & Trading Limited $GNK

Key Points

• American Century Companies Inc. increased its stake in Genco Shipping & Trading by 7.4%, acquiring an additional 101,283 shares, bringing its total to 1,462,880 shares worth approximately $19.54 million.
• Genco Shipping & Trading reported a quarterly earnings per share of ($0.14), slightly surpassing the consensus estimate, but its revenue of $46.90 million fell short of expectations.
• The company recently announced a $0.15 quarterly dividend, reflecting an annualized yield of 3.6% and a dividend payout ratio of 176.47%.

American Century Companies Inc. increased its stake in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 7.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,462,880 shares of the shipping company's stock after acquiring an additional 101,283 shares during the period. American Century Companies Inc. owned approximately 3.41% of Genco Shipping & Trading worth $19,544,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Nuveen LLC purchased a new stake in shares of Genco Shipping & Trading in the first quarter valued at approximately $1,282,000. Invesco Ltd. boosted its stake in Genco Shipping & Trading by 1.5% in the 1st quarter. Invesco Ltd. now owns 129,232 shares of the shipping company's stock worth $1,727,000 after purchasing an additional 1,906 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Genco Shipping & Trading by 0.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 478,411 shares of the shipping company's stock valued at $6,392,000 after buying an additional 3,764 shares during the last quarter. Raiffeisen Bank International AG grew its holdings in shares of Genco Shipping & Trading by 39.6% during the first quarter. Raiffeisen Bank International AG now owns 59,681 shares of the shipping company's stock valued at $797,000 after buying an additional 16,931 shares during the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in Genco Shipping & Trading in the first quarter valued at $4,921,000. Hedge funds and other institutional investors own 58.62% of the company's stock.

Genco Shipping & Trading Trading Down 1.5%

Shares of NYSE GNK traded down $0.26 during midday trading on Friday, reaching $16.85. 507,018 shares of the stock were exchanged, compared to its average volume of 583,226. The company has a 50 day simple moving average of $15.41 and a 200 day simple moving average of $14.16. The stock has a market capitalization of $724.00 million, a P/E ratio of 49.57 and a beta of 1.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.20 and a current ratio of 1.63. Genco Shipping & Trading Limited has a twelve month low of $11.20 and a twelve month 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, topping analysts' consensus estimates of ($0.15) by $0.01. The firm had revenue of $46.90 million during the quarter, compared to analysts' expectations of $50.19 million. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The firm's quarterly revenue was down 24.4% on a year-over-year basis. During the same quarter last year, the company posted $0.46 EPS. As a group, equities analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 18th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, August 18th. Genco Shipping & Trading's dividend payout ratio (DPR) is currently 176.47%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Dnb Nor Markets raised shares of Genco Shipping & Trading to a "strong-buy" rating in a research note on Thursday, May 1st. Jefferies Financial Group reissued a "buy" rating and set a $19.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $19.33.

Genco Shipping & Trading 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.