MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Buys 1,652,966 Shares of Genco Shipping & Trading Limited $GNK

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Genco Shipping & Trading by 6,887.1% during the first quarter, owning approximately 3.90% of the company valued at $22.4 million.
• The company reported a loss of ($0.14) earnings per share for the quarter, slightly beating the consensus estimate of ($0.15), with a 24.4% decline in revenue year-over-year.
• Recent analyst ratings show that Genco Shipping & Trading has a consensus "Buy" rating, with a projected average target price of $18.00.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 6,887.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 1,676,967 shares of the shipping company's stock after buying an additional 1,652,966 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 3.90% of Genco Shipping & Trading worth $22,404,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Summit Securities Group LLC purchased a new stake in Genco Shipping & Trading during the first quarter valued at about $39,000. GAMMA Investing LLC raised its stake in Genco Shipping & Trading by 1,119.1% in the first quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company's stock valued at $60,000 after purchasing an additional 4,096 shares in the last quarter. Amundi raised its stake in Genco Shipping & Trading by 29.0% in the first quarter. Amundi now owns 8,000 shares of the shipping company's stock valued at $101,000 after purchasing an additional 1,800 shares in the last quarter. State of Wyoming grew its position in Genco Shipping & Trading by 34.7% during the first quarter. State of Wyoming now owns 8,088 shares of the shipping company's stock valued at $108,000 after acquiring an additional 2,083 shares during the last quarter. Finally, Randolph Co Inc bought a new position in Genco Shipping & Trading during the first quarter valued at approximately $134,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Stock Performance

Shares of Genco Shipping & Trading stock traded up $0.28 during trading hours on Friday, reaching $18.04. 491,007 shares of the stock traded hands, compared to its average volume of 558,769. The company has a 50 day moving average price of $16.25 and a 200 day moving average price of $14.37. The firm has a market capitalization of $775.00 million, a price-to-earnings ratio of 53.06 and a beta of 1.22. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $19.51. The company has a quick ratio of 1.20, a current ratio of 1.63 and a debt-to-equity ratio of 0.10.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. The business had revenue of $46.90 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 24.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 EPS. On average, equities research analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 18th were issued 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 yield of 3.3%. Genco Shipping & Trading's payout ratio is currently 176.47%.

Insider Buying and Selling

In related news, insider Jesper Christensen sold 34,202 shares of the business's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $18.06, for a total value of $617,688.12. Following the transaction, the insider directly owned 69,363 shares of the company's stock, valued at approximately $1,252,695.78. The trade was a 33.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.37% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on GNK shares. Jefferies Financial Group restated a "buy" rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a report on Thursday, August 7th. Wall Street Zen lowered Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $18.00.

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.