First Trust Advisors LP Buys 267,265 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

First Trust Advisors LP grew its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) by 68.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 658,941 shares of the shipping company’s stock after acquiring an additional 267,265 shares during the quarter. First Trust Advisors LP’s holdings in Genco Shipping & Trading were worth $8,257,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Acadian Asset Management LLC purchased a new stake in Genco Shipping & Trading during the 1st quarter valued at $26,000. Penserra Capital Management LLC bought a new stake in Genco Shipping & Trading in the 1st quarter worth about $47,000. Tower Research Capital LLC TRC raised its position in Genco Shipping & Trading by 114.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,603 shares of the shipping company’s stock worth $32,000 after buying an additional 1,387 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in Genco Shipping & Trading by 100.0% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 4,000 shares of the shipping company’s stock valued at $50,000 after acquiring an additional 2,000 shares during the period. Finally, Edmond DE Rothschild Holding S.A. boosted its holdings in shares of Genco Shipping & Trading by 280.9% during the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 4,594 shares of the shipping company’s stock valued at $89,000 after acquiring an additional 3,388 shares during the last quarter. Hedge funds and other institutional investors own 67.67% of the company’s stock.

Genco Shipping & Trading Stock Down 3.5 %

GNK opened at $16.36 on Tuesday. Genco Shipping & Trading Limited has a 1-year low of $11.92 and a 1-year high of $27.15. The firm’s 50 day simple moving average is $17.55 and its two-hundred day simple moving average is $15.40. The company has a current ratio of 3.43, a quick ratio of 2.84 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $692.52 million, a PE ratio of 4.43 and a beta of 1.08.

Genco Shipping & Trading (NYSE:GNK – Get Rating) last released its earnings results on Wednesday, February 22nd. The shipping company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.08. The company had revenue of $127.00 million for the quarter, compared to the consensus estimate of $76.22 million. Genco Shipping & Trading had a return on equity of 16.76% and a net margin of 29.53%. Genco Shipping & Trading’s quarterly revenue was down 30.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.99 earnings per share. As a group, equities analysts forecast that Genco Shipping & Trading Limited will post 2.1 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 14th. Shareholders of record on Tuesday, March 7th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 12.22%. The ex-dividend date is Monday, March 6th. Genco Shipping & Trading’s payout ratio is 54.20%.

Insiders Place Their Bets

In other news, CFO Apostolos Zafolias sold 2,266 shares of the stock in a transaction on Monday, February 27th. The shares were sold at an average price of $19.39, for a total value of $43,937.74. Following the completion of the sale, the chief financial officer now directly owns 23,152 shares of the company’s stock, valued at $448,917.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO John C. Wobensmith sold 14,164 shares of the company’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $19.40, for a total value of $274,781.60. Following the completion of the transaction, the chief executive officer now owns 431,024 shares of the company’s stock, valued at $8,361,865.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Apostolos Zafolias sold 2,266 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $19.39, for a total value of $43,937.74. Following the sale, the chief financial officer now directly owns 23,152 shares in the company, valued at approximately $448,917.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,982 shares of company stock worth $813,285. Company insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Alliance Global Partners decreased their price objective on shares of Genco Shipping & Trading to $27.00 in a report on Wednesday, November 16th. Jefferies Financial Group reissued a “buy” rating and set a $20.00 price target on shares of Genco Shipping & Trading in a report on Thursday, February 23rd. Finally, BTIG Research dropped their price target on Genco Shipping & Trading to $22.00 in a research note on Tuesday, November 15th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Moderate Buy” and an average price target of $23.20.

Genco Shipping & Trading Company Profile

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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.