Arrowstreet Capital Limited Partnership grew its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 56.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 286,568 shares of the shipping company's stock after acquiring an additional 102,868 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.66% of Genco Shipping & Trading worth $6,462,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. First Trust Advisors LP increased its stake in Genco Shipping & Trading by 2.1% in the 1st quarter. First Trust Advisors LP now owns 135,166 shares of the shipping company's stock valued at $3,048,000 after purchasing an additional 2,820 shares in the last quarter. Hsbc Holdings PLC acquired a new position in Genco Shipping & Trading during the first quarter worth $2,552,000. Summit Securities Group LLC purchased a new stake in Genco Shipping & Trading during the first quarter worth $63,000. Counterpoint Mutual Funds LLC purchased a new stake in Genco Shipping & Trading during the first quarter worth $560,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Genco Shipping & Trading in the first quarter valued at $234,000. Hedge funds and other institutional investors own 58.62% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on the company. Alliance Global Partners restated a "neutral" rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Weiss Ratings upgraded shares of Genco Shipping & Trading from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $29.00 price objective on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Finally, Zacks Research upgraded shares of Genco Shipping & Trading from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Genco Shipping & Trading currently has an average rating of "Moderate Buy" and a consensus price target of $23.67.
Read Our Latest Report on GNK
Genco Shipping & Trading Stock Down 0.2%
Shares of NYSE:GNK opened at $25.50 on Monday. The company has a quick ratio of 2.41, a current ratio of 2.98 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $1.11 billion, a P/E ratio of 67.10, a P/E/G ratio of 3.13 and a beta of 0.94. Genco Shipping & Trading Limited has a 52-week low of $15.51 and a 52-week high of $27.25. The stock's fifty day simple moving average is $24.50 and its 200-day simple moving average is $23.33.
Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.19. The firm had revenue of $114.43 million during the quarter, compared to analysts' expectations of $65.73 million. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The firm's quarterly revenue was up 60.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.28) EPS. As a group, equities research analysts forecast that Genco Shipping & Trading Limited will post 2.12 earnings per share for the current fiscal year.
About Genco Shipping & Trading
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Free Report)
Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company's fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco's focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.
In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.
See Also
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