17,268 Shares in Genco Shipping & Trading Limited $GNK Acquired by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers has acquired a new position in Genco Shipping & Trading, purchasing 17,268 shares valued at approximately $231,000.
• The company's recent earnings report showed a net margin of 4.40% and revenue of $46.90 million, down 24.4% year-over-year, while also topping EPS estimates slightly.
• Genco Shipping & Trading has announced a quarterly dividend of $0.15 per share, resulting in an annual yield of 3.6%, despite a high payout ratio of 176.47%.

Cetera Investment Advisers bought a new stake in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,268 shares of the shipping company's stock, valued at approximately $231,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Townsend & Associates Inc grew its stake in Genco Shipping & Trading by 17.7% in the first quarter. Townsend & Associates Inc now owns 1,261,959 shares of the shipping company's stock valued at $15,484,000 after acquiring an additional 190,000 shares during the period. Robeco Institutional Asset Management B.V. acquired a new position in Genco Shipping & Trading in the first quarter valued at about $869,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Genco Shipping & Trading by 36.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,852 shares of the shipping company's stock valued at $1,782,000 after acquiring an additional 33,949 shares during the period. Man Group plc bought a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at about $631,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Genco Shipping & Trading by 81.1% in the fourth quarter. BNP Paribas Financial Markets now owns 46,130 shares of the shipping company's stock valued at $643,000 after purchasing an additional 20,661 shares in the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Genco Shipping & Trading Stock Performance

NYSE:GNK traded down $0.08 on Wednesday, hitting $16.99. The company's stock had a trading volume of 20,284 shares, compared to its average volume of 680,638. The company has a current ratio of 1.63, a quick ratio of 1.20 and a debt-to-equity ratio of 0.10. The stock has a fifty day moving average of $15.20 and a two-hundred day moving average of $14.10. The firm has a market capitalization of $729.89 million, a P/E ratio of 50.01 and a beta of 1.19. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $19.51.

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

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 18th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, August 18th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.5%. Genco Shipping & Trading's dividend payout ratio (DPR) is 176.47%.

About Genco Shipping & Trading

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.