Royce & Associates LP Has $7.42 Million Stake 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 trimmed its position in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent filing with the SEC. 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 1.29% of Genco Shipping & Trading worth $7,422,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Dimensional Fund Advisors LP grew its holdings in shares of Genco Shipping & Trading by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company's stock valued at $39,572,000 after acquiring an additional 10,193 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Genco Shipping & Trading by 8.9% during the 4th quarter. American Century Companies Inc. now owns 1,361,597 shares of the shipping company's stock valued at $18,981,000 after acquiring an additional 111,564 shares in the last quarter. Townsend & Associates Inc grew its holdings 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 valued at $15,484,000 after acquiring an additional 190,000 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Genco Shipping & Trading by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 990,357 shares of the shipping company's stock valued at $13,809,000 after acquiring an additional 10,260 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings in shares of Genco Shipping & Trading by 2.7% during the 4th quarter. Bridgeway Capital Management LLC now owns 499,761 shares of the shipping company's stock valued at $6,967,000 after acquiring an additional 13,086 shares in the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on GNK. Wall Street Zen cut shares of 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 shares of Genco Shipping & Trading to a "strong-buy" rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.67.

Genco Shipping & Trading Stock Up 0.2%

NYSE:GNK traded up $0.04 during trading hours on Wednesday, reaching $16.12. The company's stock had a trading volume of 168,668 shares, compared to its average volume of 691,297. The company has a market cap of $692.34 million, a price-to-earnings ratio of 15.48 and a beta of 1.18. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $19.71. The business's 50-day moving average is $14.03 and its 200-day moving average is $13.83. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.79 and a quick ratio of 1.28.

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

Genco Shipping & Trading Announces Dividend

The company also recently announced a dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 23rd were given 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 dividend payout ratio is 57.69%.

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.