Genco Shipping & Trading Limited (NYSE:GNK) Sees Significant Growth in Short Interest

Genco Shipping & Trading Limited (NYSE:GNK) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 712,600 shares, a growth of 13.4% from the October 15th total of 628,200 shares. Based on an average daily volume of 435,100 shares, the short-interest ratio is currently 1.6 days. Approximately 1.7% of the shares of the company are sold short.

Genco Shipping & Trading Stock Performance

NYSE GNK traded down $0.14 on Monday, reaching $17.52. 131,625 shares of the stock were exchanged, compared to its average volume of 585,255. Genco Shipping & Trading has a one year low of $14.02 and a one year high of $23.43. The firm has a market capitalization of $749.12 million, a PE ratio of 11.11, a PEG ratio of 0.28 and a beta of 0.98. The company’s 50-day simple moving average is $17.39 and its two-hundred day simple moving average is $19.27. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company had revenue of $99.33 million for the quarter, compared to analysts’ expectations of $72.02 million. During the same quarter last year, the business earned ($0.09) EPS. The firm’s revenue was up 19.2% compared to the same quarter last year. Analysts expect that Genco Shipping & Trading will post 1.74 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be issued a dividend of $0.40 per share. This is a positive change 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 9.13%. The ex-dividend date of this dividend is Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 101.91%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective on the stock. Finally, Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.20.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors have recently added to or reduced their stakes in GNK. Renaissance Technologies LLC grew its holdings in Genco Shipping & Trading by 66.6% during the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock valued at $22,376,000 after buying an additional 419,730 shares in the last quarter. Elevatus Welath Management purchased a new stake in Genco Shipping & Trading during the 1st quarter valued at approximately $5,850,000. Charles Schwab Investment Management Inc. grew its holdings in Genco Shipping & Trading by 70.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after buying an additional 219,907 shares in the last quarter. Algert Global LLC grew its holdings in Genco Shipping & Trading by 694.2% during the 2nd quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock valued at $5,098,000 after buying an additional 209,093 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in Genco Shipping & Trading by 16.4% during the 2nd quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock valued at $23,372,000 after buying an additional 154,339 shares in the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

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.