Genco Shipping & Trading Limited (NYSE:GNK) Shares Bought by Loomis Sayles & Co. L P

Loomis Sayles & Co. L P boosted its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 6.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 501,503 shares of the shipping company’s stock after purchasing an additional 28,314 shares during the period. Loomis Sayles & Co. L P owned about 1.17% of Genco Shipping & Trading worth $9,779,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of GNK. CWM LLC raised its position in shares of Genco Shipping & Trading by 109.5% in the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 998 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Genco Shipping & Trading in the second quarter valued at $82,000. nVerses Capital LLC bought a new position in Genco Shipping & Trading during the 2nd quarter valued at $136,000. Point72 DIFC Ltd acquired a new position in Genco Shipping & Trading during the 2nd quarter worth $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Genco Shipping & Trading by 80.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock worth $191,000 after purchasing an additional 4,003 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $16.05 on Thursday. The company has a market cap of $686.08 million, a P/E ratio of 10.22, a PEG ratio of 0.27 and a beta of 0.98. The business has a 50 day moving average of $17.39 and a two-hundred day moving average of $19.00. Genco Shipping & Trading Limited has a 52 week low of $14.02 and a 52 week high of $23.43. 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 (NYSE:GNK) last issued its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting analysts’ consensus estimates of $0.41. The firm had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The firm’s revenue was up 19.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.09) EPS. As a group, 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 disclosed a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 9.97%. The ex-dividend date of this dividend was Monday, November 18th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio (DPR) is 101.91%.

Analysts Set New Price Targets

GNK has been the topic of several research analyst reports. 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. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their target price for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading 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.