Man Group plc acquired a new stake in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 45,278 shares of the shipping company's stock, valued at approximately $631,000. Man Group plc owned 0.11% of Genco Shipping & Trading at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the stock. LPL Financial LLC boosted its holdings in shares of Genco Shipping & Trading by 3.1% in the fourth quarter. LPL Financial LLC now owns 24,566 shares of the shipping company's stock worth $342,000 after acquiring an additional 736 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Genco Shipping & Trading by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,001 shares of the shipping company's stock worth $335,000 after acquiring an additional 924 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Genco Shipping & Trading by 1.8% in the 4th quarter. Wells Fargo & Company MN now owns 57,506 shares of the shipping company's stock worth $802,000 after purchasing an additional 1,040 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Genco Shipping & Trading by 3.9% during the fourth quarter. Legal & General Group Plc now owns 42,402 shares of the shipping company's stock worth $591,000 after acquiring an additional 1,607 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Genco Shipping & Trading by 2.7% in the fourth quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company's stock worth $950,000 after buying an additional 1,800 shares during the period. Institutional investors own 58.62% of the company's stock.
Genco Shipping & Trading Stock Up 1.2%
Shares of GNK traded up $0.16 during mid-day trading on Friday, hitting $13.25. The company's stock had a trading volume of 128,599 shares, compared to its average volume of 660,244. The firm has a market capitalization of $569.21 million, a price-to-earnings ratio of 7.57, a PEG ratio of 5.64 and a beta of 1.17. Genco Shipping & Trading Limited has a 52-week low of $11.20 and a 52-week high of $22.68. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The company's 50-day moving average is $13.10 and its 200-day moving average is $14.17.
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 for the quarter, missing the consensus estimate of ($0.26) by ($0.02). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The firm had revenue of $41.64 million during the quarter, compared to analyst estimates of $43.49 million. During the same quarter last year, the business earned $0.49 earnings per share. Genco Shipping & Trading's revenue was down 39.3% on a year-over-year basis. On average, equities research analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.
Genco Shipping & Trading Dividend Announcement
The business also recently declared a dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 23rd will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a yield of 4.28%. Genco Shipping & Trading's payout ratio is 57.69%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on GNK shares. Wall Street Zen lowered Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Pareto Securities upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a report on Monday, March 31st. Dnb Nor Markets raised shares of Genco Shipping & Trading to a "strong-buy" rating in a report on Thursday, May 1st. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $17.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.75.
View Our Latest Stock Analysis on GNK
About Genco Shipping & Trading
(
Free Report)
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.
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