Cetera Investment Advisers Takes Position in Genco Shipping & Trading Limited $GNK

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 purchased a new stake in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 17,268 shares of the shipping company's stock, valued at approximately $231,000.

Other hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in Genco Shipping & Trading by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company's stock valued at $39,572,000 after buying an additional 10,193 shares during the period. Townsend & Associates Inc lifted its position in Genco Shipping & Trading by 17.7% during 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 last quarter. Bridgeway Capital Management LLC lifted its position in Genco Shipping & Trading by 2.7% during the fourth quarter. Bridgeway Capital Management LLC now owns 499,761 shares of the shipping company's stock valued at $6,967,000 after acquiring an additional 13,086 shares during the last quarter. Northern Trust Corp lifted its position in Genco Shipping & Trading by 4.4% during the fourth quarter. Northern Trust Corp now owns 374,832 shares of the shipping company's stock valued at $5,225,000 after acquiring an additional 15,924 shares during the last quarter. Finally, Barclays PLC increased its stake in Genco Shipping & Trading by 173.3% during the 4th quarter. Barclays PLC now owns 282,603 shares of the shipping company's stock valued at $3,940,000 after purchasing an additional 179,216 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Stock Down 0.2%

GNK traded down $0.04 during trading hours on Wednesday, hitting $17.04. 386,795 shares of the company's stock were exchanged, compared to its average volume of 610,678. Genco Shipping & Trading Limited has a 12-month low of $11.20 and a 12-month high of $19.51. The firm has a 50 day moving average of $15.27 and a 200 day moving average of $14.12. The firm has a market cap of $731.82 million, a P/E ratio of 50.10 and a beta of 1.19. The company has a current ratio of 1.63, a quick ratio of 1.20 and a debt-to-equity ratio of 0.10.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share 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 firm had revenue of $46.90 million for the quarter, compared to the consensus estimate of $50.19 million. During the same period in the prior year, the firm earned $0.46 EPS. The firm's revenue for the quarter was down 24.4% on a year-over-year basis. Analysts predict 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. Shareholders of record on Monday, August 18th were given a $0.15 dividend. The ex-dividend date of this dividend 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 is currently 176.47%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on GNK shares. 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. Dnb Nor Markets upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a research report on Thursday, May 1st. Finally, 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. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Genco Shipping & Trading presently has an average rating of "Buy" and a consensus price target 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.