Shell Asset Management Co. Lowers Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Shell Asset Management Co. lessened its holdings in Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) by 16.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 11,922 shares of the shipping company’s stock after selling 2,420 shares during the quarter. Shell Asset Management Co.’s holdings in Genco Shipping & Trading were worth $183,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in GNK. Acadian Asset Management LLC purchased a new stake in shares of Genco Shipping & Trading during the 1st quarter worth approximately $26,000. Ensign Peak Advisors Inc boosted its stake in shares of Genco Shipping & Trading by 53.2% during the 3rd quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock worth $30,000 after acquiring an additional 840 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Genco Shipping & Trading by 114.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,603 shares of the shipping company’s stock worth $32,000 after acquiring an additional 1,387 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Genco Shipping & Trading by 38,300.0% during the 4th quarter. Parallel Advisors LLC now owns 2,304 shares of the shipping company’s stock worth $35,000 after acquiring an additional 2,298 shares in the last quarter. Finally, Gladius Capital Management LP purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 67.67% of the company’s stock.

Genco Shipping & Trading Trading Down 0.1 %

GNK stock opened at $14.27 on Thursday. The company has a market cap of $606.59 million, a price-to-earnings ratio of 5.13 and a beta of 1.06. The company has a quick ratio of 2.40, a current ratio of 3.14 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $15.77 and a 200-day simple moving average of $15.89. Genco Shipping & Trading Limited has a 52 week low of $11.92 and a 52 week high of $27.15.

Genco Shipping & Trading (NYSE:GNK – Get Rating) last released its quarterly earnings data on Wednesday, May 3rd. The shipping company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.08). The firm had revenue of $53.40 million for the quarter, compared to analyst estimates of $55.97 million. Genco Shipping & Trading had a return on equity of 12.64% and a net margin of 24.14%. The company’s quarterly revenue was down 41.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.97 earnings per share. On average, equities research analysts expect that Genco Shipping & Trading Limited will post 1.76 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 23rd. Investors of record on Tuesday, May 16th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, May 15th. This represents a $0.60 dividend on an annualized basis and a yield of 4.20%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 21.58%.

Analyst Ratings Changes

GNK has been the topic of several research analyst reports. TheStreet lowered Genco Shipping & Trading from a “b” rating to a “c+” rating in a research note on Monday, March 13th. Stifel Nicolaus lifted their price objective on Genco Shipping & Trading from $23.00 to $24.00 in a research report on Tuesday, April 25th. Jefferies Financial Group restated a “buy” rating and set a $20.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, February 23rd. Finally, StockNews.com initiated coverage on Genco Shipping & Trading in a report on Thursday, March 16th. They issued a “hold” rating for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Insider Buying and Selling

In related news, CFO Apostolos Zafolias sold 3,332 shares of the company’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $19.36, for a total transaction of $64,507.52. Following the completion of the sale, the chief financial officer now directly owns 20,696 shares of the company’s stock, valued at approximately $400,674.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Genco Shipping & Trading news, insider Robert E. Hughes sold 2,572 shares of the company’s stock in a transaction dated Thursday, February 23rd. The shares were sold at an average price of $19.36, for a total value of $49,793.92. Following the completion of the transaction, the insider now directly owns 3,529 shares of the company’s stock, valued at approximately $68,321.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Apostolos Zafolias sold 3,332 shares of the company’s stock in a transaction dated Thursday, February 23rd. The shares were sold at an average price of $19.36, for a total transaction of $64,507.52. Following the completion of the transaction, the chief financial officer now directly owns 20,696 shares of the company’s stock, valued at $400,674.56. The disclosure for this sale can be found here. In the last three months, insiders sold 51,405 shares of company stock valued at $945,490. Company insiders own 2.50% of the company’s stock.

About Genco Shipping & Trading

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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.