68,722 Shares in Genco Shipping & Trading Limited (NYSE:GNK) Purchased by PDT Partners LLC

PDT Partners LLC acquired a new stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 68,722 shares of the shipping company’s stock, valued at approximately $1,340,000. PDT Partners LLC owned approximately 0.16% of Genco Shipping & Trading as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Verition Fund Management LLC bought a new stake in shares of Genco Shipping & Trading during the third quarter valued at approximately $257,000. Loomis Sayles & Co. L P raised its stake in shares of Genco Shipping & Trading by 6.0% in the third quarter. Loomis Sayles & Co. L P now owns 501,503 shares of the shipping company’s stock worth $9,779,000 after purchasing an additional 28,314 shares during the last quarter. Pekin Hardy Strauss Inc. bought a new position in shares of Genco Shipping & Trading during the third quarter valued at $812,000. Algert Global LLC boosted its position in shares of Genco Shipping & Trading by 56.0% during the third quarter. Algert Global LLC now owns 373,133 shares of the shipping company’s stock valued at $7,276,000 after buying an additional 133,920 shares during the last quarter. Finally, Kingsview Wealth Management LLC bought a new stake in Genco Shipping & Trading in the 3rd quarter worth about $685,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Down 1.0 %

GNK stock opened at $15.87 on Monday. The business’s 50-day moving average price is $17.27 and its 200-day moving average price is $18.86. The stock has a market cap of $678.60 million, a P/E ratio of 10.11, a PEG ratio of 0.25 and a beta of 0.98. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a twelve month low of $14.02 and a twelve month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting the consensus estimate of $0.41. The business had revenue of $99.33 million for the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. On average, equities research analysts forecast that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 18th were issued a dividend of $0.40 per share. The ex-dividend date was Monday, November 18th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 10.08%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 101.91%.

Analysts Set New Price Targets

A number of brokerages have recently commented on GNK. Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price target for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective for the company. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.