Genco Shipping & Trading Limited $GNK Stake Raised by Raiffeisen Bank International AG

Raiffeisen Bank International AG raised its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 16.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,682 shares of the shipping company’s stock after acquiring an additional 10,001 shares during the quarter. Raiffeisen Bank International AG owned 0.16% of Genco Shipping & Trading worth $923,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in GNK. Cetera Investment Advisers raised its holdings in shares of Genco Shipping & Trading by 15.7% in the 2nd quarter. Cetera Investment Advisers now owns 19,983 shares of the shipping company’s stock worth $261,000 after purchasing an additional 2,715 shares in the last quarter. Creative Planning grew its position in Genco Shipping & Trading by 147.9% in the second quarter. Creative Planning now owns 49,141 shares of the shipping company’s stock worth $642,000 after buying an additional 29,321 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Genco Shipping & Trading by 0.3% in the second quarter. SG Americas Securities LLC now owns 218,684 shares of the shipping company’s stock valued at $2,858,000 after buying an additional 617 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Genco Shipping & Trading by 82.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after buying an additional 876 shares in the last quarter. Finally, CSM Advisors LLC acquired a new stake in shares of Genco Shipping & Trading during the 2nd quarter valued at $3,876,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

Insider Buying and Selling at Genco Shipping & Trading

In other news, insider Jesper Christensen sold 34,202 shares of the company’s stock in a transaction dated 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 owned 69,363 shares in the company, valued at $1,252,695.78. This represents a 33.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GNK has been the topic of a number of recent research reports. 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. SEB Equity Research set a $23.00 price target on Genco Shipping & Trading in a research report on Friday, September 26th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Thursday, November 13th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $17.64 on Wednesday. The company’s fifty day moving average is $17.23 and its two-hundred day moving average is $15.71. The company has a market cap of $762.59 million, a P/E ratio of 51.87 and a beta of 1.20. Genco Shipping & Trading Limited has a 12-month low of $11.20 and a 12-month high of $19.60. 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) last issued its earnings results on Wednesday, November 5th. The shipping company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $79.92 million during the quarter, compared to analysts’ expectations of $65.06 million. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.Genco Shipping & Trading’s revenue was down 19.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 earnings per share. Equities analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Shareholders of record on Monday, November 17th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, November 17th. Genco Shipping & Trading’s payout ratio is -352.94%.

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.