114,652 Shares in Genco Shipping & Trading Limited $GNK Bought by Hsbc Holdings PLC

Hsbc Holdings PLC bought a new stake in Genco Shipping & Trading Limited (NYSE:GNK) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 114,652 shares of the shipping company’s stock, valued at approximately $2,552,000. Hsbc Holdings PLC owned 0.26% of Genco Shipping & Trading as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. raised its stake in Genco Shipping & Trading by 230.1% during the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock worth $30,000 after acquiring an additional 939 shares during the period. Advisory Services Network LLC purchased a new position in shares of Genco Shipping & Trading during the third quarter valued at about $30,000. Strengthening Families & Communities LLC bought a new stake in shares of Genco Shipping & Trading in the fourth quarter worth about $31,000. Kemnay Advisory Services Inc. bought a new stake in shares of Genco Shipping & Trading in the fourth quarter worth about $32,000. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Genco Shipping & Trading in the third quarter worth about $35,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Analyst Ratings Changes

GNK has been the subject of several research analyst reports. Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Zacks Research upgraded Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $29.00 target price on shares of Genco Shipping & Trading in a report on Friday, May 8th. Finally, Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.67.

Genco Shipping & Trading Price Performance

NYSE:GNK opened at $26.75 on Friday. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 70.40, a PEG ratio of 3.28 and a beta of 0.93. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.98 and a quick ratio of 2.41. The business has a 50 day simple moving average of $24.35 and a 200-day simple moving average of $23.07. Genco Shipping & Trading Limited has a 1 year low of $15.51 and a 1 year high of $27.25.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.19. The firm had revenue of $114.43 million for the quarter, compared to the consensus estimate of $65.73 million. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The company’s revenue for the quarter was up 60.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.28) EPS. Equities analysts forecast that Genco Shipping & Trading Limited will post 2.12 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 18th were paid a $0.35 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.40 annualized dividend and a dividend yield of 5.2%. Genco Shipping & Trading’s dividend payout ratio is currently 368.42%.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.