Moors & Cabot Inc. Has $411,000 Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Moors & Cabot Inc. cut its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 32.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,069 shares of the shipping company’s stock after selling 10,335 shares during the period. Moors & Cabot Inc.’s holdings in Genco Shipping & Trading were worth $411,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in GNK. SummerHaven Investment Management LLC increased its stake in Genco Shipping & Trading by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock valued at $1,158,000 after buying an additional 682 shares during the last quarter. CWM LLC increased its position in shares of Genco Shipping & Trading by 109.5% in the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after acquiring an additional 998 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Genco Shipping & Trading by 12.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock worth $244,000 after acquiring an additional 1,279 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Genco Shipping & Trading by 7.6% during the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock valued at $390,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Genco Shipping & Trading by 17.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the shipping company’s stock valued at $246,000 after purchasing an additional 1,782 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Up 0.8 %

GNK stock opened at $16.86 on Friday. The stock has a market cap of $720.93 million, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 0.27 and a beta of 0.98. The company has a fifty day moving average price of $17.41 and a two-hundred day moving average price of $19.13. Genco Shipping & Trading Limited has a one year low of $14.02 and a one year high of $23.43. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49.

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

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Monday, November 18th will be issued a dividend of $0.40 per share. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a yield of 9.49%. The ex-dividend date is Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 101.91%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company. Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price target for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group restated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Three research 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.com, Genco Shipping & Trading currently has a consensus rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Company Profile

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.