Los Angeles Capital Management LLC Boosts Position in Genco Shipping & Trading Limited (NYSE:GNK)

Los Angeles Capital Management LLC boosted its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 494.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 132,189 shares of the shipping company’s stock after acquiring an additional 109,959 shares during the period. Los Angeles Capital Management LLC owned 0.31% of Genco Shipping & Trading worth $2,193,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GNK. Cowen AND Company LLC purchased a new position in shares of Genco Shipping & Trading during the third quarter valued at about $11,733,000. American Century Companies Inc. boosted its position in shares of Genco Shipping & Trading by 9.1% during the third quarter. American Century Companies Inc. now owns 681,087 shares of the shipping company’s stock valued at $9,528,000 after purchasing an additional 56,837 shares in the last quarter. AQR Capital Management LLC grew its stake in Genco Shipping & Trading by 78.4% in the third quarter. AQR Capital Management LLC now owns 612,440 shares of the shipping company’s stock worth $8,568,000 after purchasing an additional 269,138 shares during the period. Townsend & Associates Inc raised its holdings in Genco Shipping & Trading by 15.9% in the third quarter. Townsend & Associates Inc now owns 610,192 shares of the shipping company’s stock worth $8,024,000 after purchasing an additional 83,616 shares in the last quarter. Finally, Gratus Capital LLC boosted its holdings in shares of Genco Shipping & Trading by 1.4% during the 3rd quarter. Gratus Capital LLC now owns 467,302 shares of the shipping company’s stock valued at $6,538,000 after buying an additional 6,396 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors.

Insider Transactions at Genco Shipping & Trading

In related news, insider Jesper Christensen sold 12,404 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $245,599.20. Following the sale, the insider now owns 42,587 shares in the company, valued at $843,222.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Joseph Adamo sold 1,396 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total value of $28,478.40. Following the completion of the sale, the chief accounting officer now directly owns 17,994 shares in the company, valued at approximately $367,077.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jesper Christensen sold 12,404 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $245,599.20. Following the sale, the insider now directly owns 42,587 shares of the company’s stock, valued at approximately $843,222.60. The disclosure for this sale can be found here. Insiders sold 62,496 shares of company stock worth $1,238,678 over the last three months. 2.08% of the stock is currently owned by company insiders.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $21.86 on Tuesday. The company has a current ratio of 4.46, a quick ratio of 3.70 and a debt-to-equity ratio of 0.21. The company’s 50 day moving average price is $20.63 and its 200-day moving average price is $17.53. Genco Shipping & Trading Limited has a 52 week low of $12.39 and a 52 week high of $22.38.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, February 21st. The shipping company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.37 by $0.06. The business had revenue of $115.50 million for the quarter, compared to the consensus estimate of $72.54 million. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The company’s revenue was down 9.1% compared to the same quarter last year. During the same period last year, the business posted $0.67 EPS. As a group, sell-side analysts predict that Genco Shipping & Trading Limited will post 1.93 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Wednesday, March 6th were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 7.50%. The ex-dividend date of this dividend was Tuesday, March 5th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently -529.03%.

Wall Street Analyst Weigh In

GNK has been the subject of a number of recent research reports. StockNews.com cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Stifel Nicolaus boosted their price target on Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Finally, TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $21.00.

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.