Genco Shipping & Trading Limited $GNK Holdings Lifted by Ieq Capital LLC

Key Points

• Ieq Capital LLC increased its stake in Genco Shipping & Trading by 88.5% after purchasing an additional 15,583 shares, bringing its total to 33,185 shares valued at approximately $443,000.
• Genco Shipping & Trading recently reported a net margin of 4.40% and a decline in revenue of 24.4% year-over-year, with revenue for the quarter at $46.90 million.
• The company announced a quarterly dividend of $0.15, leading to a dividend yield of 3.4%, despite having a high dividend payout ratio of 176.47%.

Ieq Capital LLC lifted its position in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 88.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,185 shares of the shipping company's stock after acquiring an additional 15,583 shares during the quarter. Ieq Capital LLC owned 0.08% of Genco Shipping & Trading worth $443,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Summit Securities Group LLC bought a new stake in shares of Genco Shipping & Trading in the 1st quarter worth approximately $39,000. American Century Companies Inc. lifted its holdings in shares of Genco Shipping & Trading by 7.4% in the 1st quarter. American Century Companies Inc. now owns 1,462,880 shares of the shipping company's stock worth $19,544,000 after purchasing an additional 101,283 shares during the last quarter. Nuveen LLC bought a new stake in shares of Genco Shipping & Trading in the 1st quarter worth approximately $1,282,000. Invesco Ltd. lifted its holdings in shares of 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Genco Shipping & Trading by 0.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 478,411 shares of the shipping company's stock worth $6,392,000 after purchasing an additional 3,764 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company's stock.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK traded down $0.01 during mid-day trading on Tuesday, reaching $18.06. The company had a trading volume of 401,998 shares, compared to its average volume of 674,924. 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 market cap of $775.62 million, a PE ratio of 53.16 and a beta of 1.22. The company has a 50-day moving average price of $15.92 and a two-hundred day moving average price of $14.27. Genco Shipping & Trading Limited has a 1-year low of $11.20 and a 1-year high of $19.51.

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

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 18th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, August 18th. Genco Shipping & Trading's payout ratio is presently 176.47%.

Analysts Set New Price Targets

Several brokerages recently issued reports on GNK. Jefferies Financial Group reissued a "buy" rating and issued 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. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Genco Shipping & Trading currently has a consensus rating of "Buy" and a consensus target price of $18.00.

Genco Shipping & Trading Company 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.