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

Other institutional investors also recently bought and sold shares of the company. Banque Transatlantique SA purchased a new stake in Genco Shipping & Trading during the 4th quarter valued at about $28,000. GAMMA Investing LLC boosted its holdings in Genco Shipping & Trading by 1,119.1% during the 1st quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company's stock valued at $60,000 after acquiring an additional 4,096 shares during the period. Randolph Co Inc purchased a new position in Genco Shipping & Trading during the 1st quarter valued at about $134,000. Mariner LLC purchased a new position in Genco Shipping & Trading during the 4th quarter valued at about $147,000. Finally, ProShare Advisors LLC purchased a new position in Genco Shipping & Trading during the 4th quarter valued at about $166,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GNK. Jefferies Financial Group restated a "buy" rating and set a $19.00 price target on shares of Genco Shipping & Trading in a report on Thursday, August 7th. Wall Street Zen downgraded Genco Shipping & Trading from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, Dnb Nor Markets upgraded Genco Shipping & Trading to a "strong-buy" rating in a report on Thursday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $19.33.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $16.7570 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $19.51. The company has a 50-day simple moving average of $15.07 and a two-hundred day simple moving average of $14.07. The firm has a market capitalization of $719.88 million, a PE ratio of 49.29 and a beta of 1.19.

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

Genco Shipping & Trading Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 18th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Monday, August 18th. Genco Shipping & Trading's dividend payout ratio is 176.47%.

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.

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