Connor Clark & Lunn Investment Management Ltd. Has $839,000 Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Connor Clark & Lunn Investment Management Ltd. grew its position in Genco Shipping & Trading Limited (NYSE:GNK) by 37.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 43,039 shares of the shipping company’s stock after acquiring an additional 11,707 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Genco Shipping & Trading were worth $839,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC grew its holdings in shares of Genco Shipping & Trading by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 255,775 shares of the shipping company’s stock valued at $4,988,000 after buying an additional 12,998 shares during the period. Royce & Associates LP lifted its position in Genco Shipping & Trading by 43.1% in the 3rd quarter. Royce & Associates LP now owns 482,687 shares of the shipping company’s stock valued at $9,412,000 after acquiring an additional 145,471 shares in the last quarter. MQS Management LLC bought a new stake in Genco Shipping & Trading in the 3rd quarter valued at $490,000. Townsend & Associates Inc lifted its position in Genco Shipping & Trading by 2.7% in the 3rd quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company’s stock valued at $20,453,000 after acquiring an additional 27,783 shares in the last quarter. Finally, Semanteon Capital Management LP bought a new stake in Genco Shipping & Trading in the 3rd quarter valued at $905,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on GNK shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft began 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 on the stock. Finally, Stifel Nicolaus lowered 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 equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Stock Down 4.5 %

Genco Shipping & Trading stock opened at $16.05 on Thursday. The firm has a market capitalization of $686.08 million, a PE ratio of 10.69, a P/E/G ratio of 0.27 and a beta of 0.98. The company’s 50-day moving average is $17.39 and its 200-day moving average is $19.00. Genco Shipping & Trading Limited has a fifty-two week low of $14.02 and a fifty-two week high of $23.43. 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 announced its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, meeting 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 business had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. During the same quarter in the prior year, the business earned ($0.09) EPS. Genco Shipping & Trading’s quarterly revenue was up 19.2% on a year-over-year basis. Sell-side analysts anticipate that Genco Shipping & Trading Limited will post 1.74 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were paid a $0.40 dividend. The ex-dividend date was Monday, November 18th. This represents a $1.60 dividend on an annualized basis and a yield of 9.97%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. Genco Shipping & Trading’s dividend payout ratio is 101.91%.

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.