Genco Shipping & Trading Limited (NYSE:GNK) Shares Bought by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its stake in Genco Shipping & Trading by an impressive 271.7%, acquiring a total of 127,500 shares valued at approximately $1.7 million.
• Genco Shipping & Trading experienced a 39.3% drop in revenue year-over-year, reporting earnings per share of ($0.28), which was below market expectations.
• The company recently announced a dividend of $0.15 per share, yielding approximately 4.28%, with a dividend payout ratio of 57.69%.

KLP Kapitalforvaltning AS lifted its holdings in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 271.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 127,500 shares of the shipping company's stock after purchasing an additional 93,200 shares during the quarter. KLP Kapitalforvaltning AS owned 0.30% of Genco Shipping & Trading worth $1,703,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Banque Transatlantique SA acquired a new position in shares of Genco Shipping & Trading in the fourth quarter valued at about $28,000. New Age Alpha Advisors LLC acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter worth approximately $56,000. GAMMA Investing LLC grew its position in shares of 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 worth $60,000 after buying an additional 4,096 shares during the period. Randolph Co Inc acquired a new stake in Genco Shipping & Trading in the 1st quarter valued at $134,000. Finally, Mariner LLC bought a new position in Genco Shipping & Trading during the 4th quarter valued at $147,000. 58.62% of the stock is owned by institutional investors.

Genco Shipping & Trading Trading Down 1.5%

GNK traded down $0.24 during trading hours on Wednesday, reaching $15.84. 586,600 shares of the company's stock traded hands, compared to its average volume of 720,898. Genco Shipping & Trading Limited has a 52-week low of $11.20 and a 52-week high of $19.71. The firm has a market capitalization of $680.49 million, a PE ratio of 15.23 and a beta of 1.18. The firm has a 50-day moving average price of $14.07 and a 200 day moving average price of $13.84. The company has a quick ratio of 1.28, a current ratio of 1.79 and a debt-to-equity ratio of 0.09.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its earnings results on Wednesday, May 7th. The shipping company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.02). The business had revenue of $41.64 million for the quarter, compared to analyst estimates of $43.49 million. Genco Shipping & Trading had a net margin of 12.12% and a return on equity of 4.22%. The company's quarterly revenue was down 39.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.49 earnings per share. As a group, sell-side analysts predict that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Dividend Announcement

The company also recently disclosed a dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 23rd were issued a $0.15 dividend. This represents a dividend yield of 4.28%. The ex-dividend date was Thursday, May 22nd. Genco Shipping & Trading's dividend payout ratio is presently 57.69%.

Analyst Ratings Changes

A number of research analysts have weighed in on GNK shares. Wall Street Zen lowered Genco Shipping & Trading from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Jefferies Financial Group reiterated a "buy" rating and issued a $17.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, May 8th. Finally, Dnb Nor Markets upgraded Genco Shipping & Trading to a "strong-buy" rating in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $18.67.

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.