Raiffeisen Bank International AG Grows Position in Genco Shipping & Trading Limited (NYSE:GNK)

Raiffeisen Bank International AG boosted its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 39.6% in the 1st quarter, HoldingsChannel reports. The fund owned 59,681 shares of the shipping company’s stock after acquiring an additional 16,931 shares during the quarter. Raiffeisen Bank International AG’s holdings in Genco Shipping & Trading were worth $797,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of GNK. Pacer Advisors Inc. purchased a new position in Genco Shipping & Trading in the first quarter worth $4,921,000. Townsend & Associates Inc boosted its position in Genco Shipping & Trading by 17.7% during the first quarter. Townsend & Associates Inc now owns 1,261,959 shares of the shipping company’s stock worth $15,484,000 after purchasing an additional 190,000 shares in the last quarter. SG Americas Securities LLC boosted its position in Genco Shipping & Trading by 629.8% during the first quarter. SG Americas Securities LLC now owns 218,067 shares of the shipping company’s stock worth $2,913,000 after purchasing an additional 188,186 shares in the last quarter. Barclays PLC boosted its position in Genco Shipping & Trading by 173.3% during the fourth quarter. Barclays PLC now owns 282,603 shares of the shipping company’s stock worth $3,940,000 after purchasing an additional 179,216 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Genco Shipping & Trading by 39.7% during the fourth quarter. JPMorgan Chase & Co. now owns 398,321 shares of the shipping company’s stock worth $5,553,000 after purchasing an additional 113,230 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on GNK. Jefferies Financial Group reiterated a “buy” rating and set a $17.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, May 8th. Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Finally, Dnb Nor Markets raised Genco Shipping & Trading to a “strong-buy” rating in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.67.

Genco Shipping & Trading Price Performance

GNK stock opened at $16.27 on Tuesday. The stock has a market capitalization of $698.96 million, a price-to-earnings ratio of 15.64 and a beta of 1.19. The company has a quick ratio of 1.28, a current ratio of 1.79 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 $19.51. The stock’s fifty day simple moving average is $14.24 and its 200-day simple moving average is $13.87.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, May 7th. The shipping company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). The business had revenue of $41.64 million during the quarter, compared to analysts’ expectations of $43.49 million. Genco Shipping & Trading had a net margin of 12.12% and a return on equity of 4.22%. Genco Shipping & Trading’s revenue for the quarter 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 expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 23rd were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a dividend yield of 428.0%. Genco Shipping & Trading’s payout ratio is currently 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.