Strs Ohio lowered its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) by 50.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,300 shares of the shipping company’s stock after selling 20,300 shares during the period. Strs Ohio’s holdings in Genco Shipping & Trading were worth $479,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently bought and sold shares of GNK. Russell Investments Group Ltd. lifted its holdings in Genco Shipping & Trading by 76.9% during the fourth quarter. Russell Investments Group Ltd. now owns 80,033 shares of the shipping company’s stock worth $1,280,000 after buying an additional 34,789 shares during the period. LSV Asset Management purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at $868,000. Qube Research & Technologies Ltd purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at $488,000. Jackson Creek Investment Advisors LLC purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at $1,200,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Genco Shipping & Trading by 120.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,477 shares of the shipping company’s stock valued at $88,000 after purchasing an additional 2,988 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.
Analyst Ratings Changes
Several brokerages have recently commented on GNK. B. Riley increased their price objective on Genco Shipping & Trading from $27.00 to $31.00 in a report on Friday, May 6th. StockNews.com upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating in a report on Wednesday, July 13th. Jefferies Financial Group initiated coverage on Genco Shipping & Trading in a report on Wednesday, April 27th. They set a “buy” rating for the company. Finally, Clarkson Capital reissued a “buy” rating on shares of Genco Shipping & Trading in a research report on Tuesday, June 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Genco Shipping & Trading currently has a consensus rating of “Buy” and an average price target of $28.25.
Insiders Place Their Bets
In other news, CEO John C. Wobensmith sold 100,000 shares of the firm’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $25.14, for a total transaction of $2,514,000.00. Following the sale, the chief executive officer now directly owns 399,099 shares in the company, valued at approximately $10,033,348.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO John C. Wobensmith sold 100,000 shares of the firm’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $25.14, for a total transaction of $2,514,000.00. Following the sale, the chief executive officer now directly owns 399,099 shares in the company, valued at approximately $10,033,348.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John C. Wobensmith sold 45,000 shares of the firm’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $25.15, for a total value of $1,131,750.00. Following the sale, the chief executive officer now owns 399,099 shares in the company, valued at $10,037,339.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,500 shares of company stock valued at $3,732,515. Company insiders own 2.50% of the company’s stock.
Genco Shipping & Trading Price Performance
NYSE GNK opened at $17.02 on Monday. The stock’s fifty day moving average price is $21.16 and its 200 day moving average price is $20.23. The company has a market cap of $716.58 million, a price-to-earnings ratio of 3.28 and a beta of 0.97. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.78 and a quick ratio of 2.16. Genco Shipping & Trading Limited has a 1 year low of $13.21 and a 1 year high of $27.15.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The shipping company reported $0.97 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.01). The company had revenue of $97.76 million for the quarter, compared to analyst estimates of $95.11 million. Genco Shipping & Trading had a return on equity of 25.50% and a net margin of 37.21%. As a group, equities research analysts forecast that Genco Shipping & Trading Limited will post 4.62 earnings per share for the current year.
Genco Shipping & Trading Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, May 24th. Shareholders of record on Monday, May 16th were given a dividend of $0.79 per share. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.67. This represents a $3.16 annualized dividend and a yield of 18.57%. The ex-dividend date was Friday, May 13th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 60.89%.
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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