Commonwealth Equity Services LLC bought a new position in Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 25,024 shares of the shipping company’s stock, valued at approximately $591,000. Commonwealth Equity Services LLC owned 0.06% of Genco Shipping & Trading as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. Cubist Systematic Strategies LLC lifted its stake in shares of Genco Shipping & Trading by 1,275.7% in the fourth quarter. Cubist Systematic Strategies LLC now owns 244,687 shares of the shipping company’s stock valued at $3,915,000 after purchasing an additional 226,901 shares during the period. Wexford Capital LP acquired a new position in Genco Shipping & Trading during the fourth quarter worth about $3,455,000. Gratus Capital LLC acquired a new position in Genco Shipping & Trading during the first quarter worth about $4,607,000. SG Americas Securities LLC raised its position in Genco Shipping & Trading by 596.3% during the fourth quarter. SG Americas Securities LLC now owns 175,044 shares of the shipping company’s stock worth $2,801,000 after acquiring an additional 149,906 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Genco Shipping & Trading by 314.6% during the fourth quarter. American Century Companies Inc. now owns 113,478 shares of the shipping company’s stock worth $1,816,000 after acquiring an additional 86,105 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.
Wall Street Analyst Weigh In
GNK has been the subject of a number of research reports. Alliance Global Partners initiated coverage on shares of Genco Shipping & Trading in a research report on Wednesday, August 3rd. They set a “buy” rating and a $29.00 target price for the company. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. Clarkson Capital reiterated a “buy” rating on shares of Genco Shipping & Trading in a report on Tuesday, June 14th. B. Riley lifted their price target on shares of Genco Shipping & Trading from $27.00 to $31.00 in a report on Friday, May 6th. Finally, Jefferies Financial Group assumed coverage on shares of Genco Shipping & Trading in a report on Wednesday, July 20th. They set a “buy” rating and a $25.00 price target for the company. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Genco Shipping & Trading presently has an average rating of “Moderate Buy” and a consensus target price of $28.20.
Genco Shipping & Trading Price Performance
Genco Shipping & Trading stock opened at $15.59 on Friday. Genco Shipping & Trading Limited has a 1 year low of $13.21 and a 1 year high of $27.15. The firm has a 50 day moving average price of $18.27 and a 200 day moving average price of $20.55. The company has a market cap of $659.16 million, a price-to-earnings ratio of 2.81 and a beta of 0.90. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 2.46.
Genco Shipping & Trading Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th will be issued a $0.50 dividend. The ex-dividend date is Monday, August 15th. This represents a $2.00 dividend on an annualized basis and a yield of 12.83%. Genco Shipping & Trading’s payout ratio is 36.10%.
Insider Activity at Genco Shipping & Trading
In related news, major shareholder Cayman Gp Ltd. Ccp II sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $17.50, for a total value of $437,500.00. Following the completion of the sale, the insider now directly owns 30,802 shares in the company, valued at $539,035. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, major shareholder Cayman Gp Ltd. Ccp II sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $17.50, for a total value of $437,500.00. Following the completion of the sale, the insider now directly owns 30,802 shares in the company, valued at $539,035. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO John C. Wobensmith sold 45,000 shares of the business’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $25.15, for a total transaction of $1,131,750.00. Following the completion of the sale, the chief executive officer now owns 399,099 shares of the company’s stock, valued at $10,037,339.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 173,575 shares of company stock worth $4,171,336. 2.50% of the stock is owned by company insiders.
Genco Shipping & Trading Profile
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.
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