Royce & Associates LP Has $7.42 Million Position in Genco Shipping & Trading Limited (NYSE:GNK)

Key Points

• Royce & Associates LP has reduced its stake in Genco Shipping & Trading by 7.1%, bringing its total holdings to approximately $7.42 million.
• Genco Shipping & Trading reported a net loss of $0.28 EPS for the last quarter, falling short of analysts' expectations, while its revenue decreased by 39.3% year-over-year.
• The company recently announced a dividend of $0.15 per share, yielding about 4.28%, with a payout ratio of 57.69%.

Royce & Associates LP lowered its holdings in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 7.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 555,525 shares of the shipping company's stock after selling 42,335 shares during the period. Royce & Associates LP owned about 1.29% of Genco Shipping & Trading worth $7,422,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter worth about $332,000. Townsend & Associates Inc lifted its stake in shares of Genco Shipping & Trading by 17.7% during the 1st quarter. Townsend & Associates Inc now owns 1,261,959 shares of the shipping company's stock worth $15,484,000 after buying an additional 190,000 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Genco Shipping & Trading during the 1st quarter worth about $869,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Genco Shipping & Trading by 36.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,852 shares of the shipping company's stock worth $1,782,000 after buying an additional 33,949 shares during the last quarter. Finally, Man Group plc acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter worth about $631,000. Institutional investors own 58.62% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GNK shares. Dnb Nor Markets upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a research note on Thursday, May 1st. Jefferies Financial Group reiterated a "buy" rating and issued a $17.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, May 8th. Pareto Securities upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a research note on Monday, March 31st. Finally, Wall Street Zen cut shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.67.

Genco Shipping & Trading Price Performance

GNK stock traded up $0.05 during mid-day trading on Monday, hitting $16.22. The stock had a trading volume of 560,102 shares, compared to its average volume of 694,899. The company has a current ratio of 1.79, a quick ratio of 1.28 and a debt-to-equity ratio of 0.09. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $20.00. The firm has a market capitalization of $696.79 million, a P/E ratio of 15.60 and a beta of 1.18. The firm has a fifty day simple moving average of $13.94 and a 200 day simple moving average of $13.80.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly 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 company had revenue of $41.64 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was down 39.3% compared to the same quarter last year. During the same period last year, the firm posted $0.49 earnings per share. As a group, research analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Announces Dividend

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

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.