Raiffeisen Bank International AG Buys 16,931 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Key Points

• Raiffeisen Bank International AG increased its stake in Genco Shipping & Trading by 39.6% in Q1, holding 59,681 shares worth $797,000.
• Genco Shipping reported a net margin of 12.12% and a loss of ($0.28) earnings per share, missing analyst expectations.
• The company declared a dividend of $0.15 per share, providing a remarkable yield of 428.0%.

Raiffeisen Bank International AG raised its holdings in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 39.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,681 shares of the shipping company's stock after acquiring an additional 16,931 shares during the period. Raiffeisen Bank International AG owned about 0.14% of Genco Shipping & Trading worth $797,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GNK. Banque Transatlantique SA acquired a new position in Genco Shipping & Trading in the fourth quarter valued at about $28,000. GAMMA Investing LLC grew 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 acquiring an additional 4,096 shares during the period. Randolph Co Inc acquired a new position in Genco Shipping & Trading in the first quarter valued at about $134,000. Mariner LLC acquired a new position in Genco Shipping & Trading in the fourth quarter valued at about $147,000. Finally, ProShare Advisors LLC acquired a new position in Genco Shipping & Trading in the fourth quarter valued at about $166,000. 58.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on GNK. Jefferies Financial Group reissued a "buy" rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a research note on Thursday. Dnb Nor Markets upgraded Genco Shipping & Trading to a "strong-buy" rating in a report on Thursday, May 1st. Finally, Wall Street Zen lowered Genco Shipping & Trading from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Genco Shipping & Trading has an average rating of "Moderate Buy" and a consensus price target of $19.33.

Genco Shipping & Trading Stock Up 0.8%

Shares of Genco Shipping & Trading stock traded up $0.13 during trading on Friday, reaching $16.25. The stock had a trading volume of 691,943 shares, compared to its average volume of 761,026. The company has a market capitalization of $698.10 million, a price-to-earnings ratio of 47.79 and a beta of 1.19. The stock has a fifty day moving average price of $14.51 and a two-hundred day moving average price of $13.93. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $19.51. The company has a current ratio of 1.63, a quick ratio of 1.28 and a debt-to-equity ratio of 0.10.

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

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 18th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.7%. The ex-dividend date is Monday, August 18th. Genco Shipping & Trading's dividend payout ratio is presently 57.69%.

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.