American Century Companies Inc. buy 154,339 shares of Genco Shipping & Trading Limited (NYSE:GNK)

VaselineSeptember 20, 2024

0 4 minutes read

American Century Companies Inc. boosted its stake in Genco Shipping & Trading Limited (NYSE:GNK – Free Report) by 16.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,096,741 shares of the shipping company’s stock after purchasing an additional 154,339 shares during the quarter. Holdings of American Century Companies Inc. in Genco Shipping & Trading were worth $23,372,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. SummerHaven Investment Management LLC raised its holdings in Genco Shipping & Trading by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock valued at $1,158,000 after purchasing an additional 682 shares during the last quarter. CWM LLC raised its stake in 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 purchasing an additional 998 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Genco Shipping & Trading by 12.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the transportation company’s stock worth $244,000 after acquiring an additional 1,279 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Genco Shipping & Trading by 17.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the transportation company’s stock worth $246,000 after acquiring an additional 1,782 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Genco Shipping & Trading by 16.9% in the fourth quarter. Victory Capital Management Inc. now owns 13,251 shares of the shipping company’s stock valued at $220,000 after purchasing an additional 1,915 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s shares.

Analysts set new price targets

GNK has been the subject of several analyst reports. Alliance Global Partners upped their target price on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Genco Shipping & Trading presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.80, based on data from MarketBeat.com.

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Genco Shipping & Trading Stocks Up 2.6%

Shares of NYSE GNK opened at $18.18 on Friday. The company has a 50-day moving average of $18.20 and a 200-day moving average of $20.18. The firm has a market cap of $777.13 million, a price-to-earnings ratio of 302.92, a PEG ratio of 0.24 and a beta of 0.95. The company has a current ratio of 3.59, a quick ratio of 2.94, and a debt-to-equity ratio of 0.10. Genco Shipping & Trading Limited has a 12-month low of $12.65 and a 12-month high of $23.43.

Genco Shipping & Trading (NYSE:GNK – Get Your Free Report ) last issued its quarterly earnings data on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.04. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. The firm had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $74.86 million. In the same quarter last year, the company posted EPS of $0.27. The company’s quarterly revenue was up 18.1% year over year. sell-side analysts expect that Genco Shipping & Trading Limited will post 2.1 earnings per share for the current fiscal year.

Genco Shipping & Trading cuts dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 19th were issued a $0.34 dividend. This represents a dividend of $1.36 on an annualized basis and a dividend yield of 7.48%. The ex-dividend date of this dividend was Monday, August 19. Genco Shipping & Trading’s payout ratio is currently 2,266.67%.

About Genco Shipping & Trading

(Free report)

Genco Shipping & Trading Limited, together with its subsidiaries, is engaged in the worldwide shipping of dry bulk cargo. The Company owns and operates dry bulk vessels to transport iron ore, grain, coal, steel products and other dry bulk cargoes. It charters its vessels primarily to trading houses, including commodity traders; producers; and government-owned entities.