Ameritas Investment Partners Inc. Purchases 1,074 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Ameritas Investment Partners Inc. grew its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 74.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,519 shares of the shipping company’s stock after purchasing an additional 1,074 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Genco Shipping & Trading were worth $48,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Genco Shipping & Trading by 26.7% during the 1st quarter. BlackRock Inc. now owns 1,637,174 shares of the shipping company’s stock worth $16,503,000 after purchasing an additional 345,130 shares during the last quarter. Loomis Sayles & Co. L P bought a new position in Genco Shipping & Trading during the 1st quarter worth approximately $8,772,000. Morgan Stanley raised its holdings in Genco Shipping & Trading by 47.4% during the 1st quarter. Morgan Stanley now owns 712,015 shares of the shipping company’s stock worth $7,177,000 after purchasing an additional 229,101 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Genco Shipping & Trading by 150.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 455,285 shares of the shipping company’s stock worth $4,589,000 after purchasing an additional 273,421 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its holdings in Genco Shipping & Trading by 26.8% during the 2nd quarter. Teacher Retirement System of Texas now owns 443,084 shares of the shipping company’s stock worth $8,365,000 after purchasing an additional 93,665 shares during the last quarter. Hedge funds and other institutional investors own 70.27% of the company’s stock.

GNK opened at $21.35 on Friday. The stock has a fifty day simple moving average of $18.43 and a two-hundred day simple moving average of $15.84. The company has a current ratio of 2.33, a quick ratio of 2.05 and a debt-to-equity ratio of 0.39. The company has a market cap of $894.93 million, a price-to-earnings ratio of -16.81 and a beta of 1.00. Genco Shipping & Trading Limited has a 12-month low of $6.24 and a 12-month high of $22.00.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, August 4th. The shipping company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Genco Shipping & Trading had a positive return on equity of 5.87% and a negative net margin of 13.53%. The business had revenue of $84.31 million during the quarter, compared to the consensus estimate of $75.51 million. On average, analysts predict that Genco Shipping & Trading Limited will post 3.17 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 25th. Stockholders of record on Tuesday, August 17th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, August 16th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.05. This represents a $0.40 annualized dividend and a dividend yield of 1.87%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently -114.29%.

In other news, major shareholder Cayman Gp Ltd. Ccp II sold 675,000 shares of the firm’s stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $18.09, for a total transaction of $12,210,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 921,000 shares of company stock valued at $16,609,370 over the last 90 days. Corporate insiders own 2.07% of the company’s stock.

Several analysts have recently weighed in on GNK shares. TheStreet upgraded shares of Genco Shipping & Trading from a “d” rating to a “c-” rating in a research note on Friday, May 28th. HC Wainwright assumed coverage on shares of Genco Shipping & Trading in a research note on Monday. They issued a “buy” rating and a $30.00 price objective for the company. Jefferies Financial Group boosted their price objective on Genco Shipping & Trading from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, June 30th. Zacks Investment Research raised Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research note on Thursday, July 29th. Finally, BTIG Research started coverage on Genco Shipping & Trading in a research note on Monday. They set a “buy” rating and a $26.00 price objective for the company. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $41.43.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products and other drybulk cargoes. It operates through the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels segment.

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Institutional Ownership by Quarter for Genco Shipping & Trading (NYSE:GNK)

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