Russell Investments Group Ltd. reduced its position in Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) by 59.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,656 shares of the shipping company’s stock after selling 47,377 shares during the period. Russell Investments Group Ltd. owned approximately 0.08% of Genco Shipping & Trading worth $771,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Genco Shipping & Trading by 1.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,752,608 shares of the shipping company’s stock valued at $28,041,000 after purchasing an additional 31,532 shares in the last quarter. Loomis Sayles & Co. L P lifted its stake in shares of Genco Shipping & Trading by 7.4% in the 4th quarter. Loomis Sayles & Co. L P now owns 1,145,733 shares of the shipping company’s stock valued at $18,332,000 after purchasing an additional 79,385 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Genco Shipping & Trading by 1,177.9% in the 1st quarter. Victory Capital Management Inc. now owns 441,690 shares of the shipping company’s stock valued at $9,730,000 after purchasing an additional 407,125 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Genco Shipping & Trading by 8.9% in the 4th quarter. Renaissance Technologies LLC now owns 301,730 shares of the shipping company’s stock valued at $4,828,000 after purchasing an additional 24,600 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Genco Shipping & Trading by 0.9% in the 4th quarter. Northern Trust Corp now owns 299,939 shares of the shipping company’s stock valued at $4,799,000 after purchasing an additional 2,688 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.
Genco Shipping & Trading Price Performance
Shares of NYSE GNK opened at $15.59 on Friday. Genco Shipping & Trading Limited has a twelve month low of $13.21 and a twelve month high of $27.15. The company has a current ratio of 2.46, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $659.15 million, a price-to-earnings ratio of 2.81 and a beta of 0.90. The business has a 50 day simple moving average of $18.27 and a 200-day simple moving average of $20.58.
Genco Shipping & Trading Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Stockholders 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 dividend yield of 12.83%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 36.10%.
Insider Activity
In other 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 stock was 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 approximately $539,035. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Cayman Gp Ltd. Ccp II sold 25,000 shares of the company’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $17.50, for a total transaction of $437,500.00. Following the completion of the transaction, the insider now directly owns 30,802 shares in the company, valued at approximately $539,035. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO John C. Wobensmith sold 100,000 shares of the company’s stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $25.14, for a total value of $2,514,000.00. Following the transaction, the chief executive officer now owns 399,099 shares of the company’s stock, valued at $10,033,348.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 173,575 shares of company stock worth $4,171,336. 2.50% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Several research firms recently commented on GNK. Clarkson Capital reissued a “buy” rating on shares of Genco Shipping & Trading in a research report on Tuesday, June 14th. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. Alliance Global Partners began coverage on Genco Shipping & Trading in a research report on Wednesday, August 3rd. They set a “buy” rating and a $29.00 price target on the stock. Jefferies Financial Group began coverage on Genco Shipping & Trading in a research report on Wednesday, July 20th. They set a “buy” rating and a $25.00 price target on the stock. Finally, B. Riley lifted their price objective on Genco Shipping & Trading from $27.00 to $31.00 in a report on Friday, May 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Genco Shipping & Trading has a consensus rating of “Moderate Buy” and an average price target of $28.20.
About Genco Shipping & Trading
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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