PDT Partners LLC Invests $1.34 Million in Genco Shipping & Trading Limited (NYSE:GNK)

PDT Partners LLC purchased a new stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) in the third quarter, HoldingsChannel.com reports. The institutional investor purchased 68,722 shares of the shipping company’s stock, valued at approximately $1,340,000.

Several other institutional investors have also added to or reduced their stakes in GNK. Vanguard Group Inc. raised its position in shares of Genco Shipping & Trading by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock valued at $23,326,000 after buying an additional 47,060 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Genco Shipping & Trading by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after purchasing an additional 33,150 shares during the last quarter. Pekin Hardy Strauss Inc. purchased a new position in shares of Genco Shipping & Trading in the 3rd quarter worth approximately $812,000. Algert Global LLC increased its position in shares of 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 purchasing an additional 209,093 shares during the last quarter. Finally, Foundry Partners LLC lifted its position in Genco Shipping & Trading by 41.2% in the third quarter. Foundry Partners LLC now owns 336,460 shares of the shipping company’s stock worth $6,561,000 after buying an additional 98,195 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Analysts Set New Price Targets

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

Genco Shipping & Trading Trading Down 1.0 %

GNK stock opened at $15.87 on Monday. Genco Shipping & Trading Limited has a 12 month low of $14.02 and a 12 month high of $23.43. The firm’s 50-day moving average is $17.27 and its 200 day moving average is $18.86. The company has a market capitalization of $678.60 million, a PE ratio of 10.11, a P/E/G ratio of 0.25 and a beta of 0.98. 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 posted 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. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The firm had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. The company’s revenue was up 19.2% on a year-over-year basis. On average, research 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 was paid on Monday, November 25th. Stockholders of record on Monday, November 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $1.60 annualized dividend and a dividend yield of 10.08%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 101.91%.

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.