Genco Shipping & Trading Limited (NYSE:GNK) Stock Position Decreased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd lessened its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 63.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,266 shares of the shipping company’s stock after selling 21,730 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Genco Shipping & Trading were worth $171,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. R Squared Ltd bought a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at about $29,000. Quarry LP grew its position in shares of Genco Shipping & Trading by 535.8% during the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after buying an additional 3,595 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Genco Shipping & Trading by 830.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,033 shares of the shipping company’s stock valued at $154,000 after buying an additional 9,847 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Genco Shipping & Trading by 26.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,190 shares of the shipping company’s stock valued at $198,000 after purchasing an additional 3,000 shares during the period. Finally, Intech Investment Management LLC acquired a new position in Genco Shipping & Trading during the 3rd quarter valued at about $202,000. Institutional investors own 58.62% of the company’s stock.

Insider Transactions at Genco Shipping & Trading

In related news, CFO Peter George Allen sold 8,984 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the completion of the sale, the chief financial officer now directly owns 45,251 shares of the company’s stock, valued at $631,703.96. This represents a 16.56 % decrease in their ownership of the stock. 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 13,602 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $189,883.92. Following the sale, the insider now directly owns 57,322 shares of the company’s stock, valued at approximately $800,215.12. This represents a 19.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,812 shares of company stock valued at $402,216. Company insiders own 2.50% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on GNK shares. StockNews.com lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Jefferies Financial Group reduced their target price on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Genco Shipping & Trading Trading Down 0.8 %

Shares of NYSE:GNK opened at $14.01 on Thursday. The company has a 50 day moving average of $14.33 and a 200-day moving average of $15.92. The firm has a market cap of $599.00 million, a P/E ratio of 8.01, a P/E/G ratio of 5.64 and a beta of 0.97. Genco Shipping & Trading Limited has a twelve month low of $13.51 and a twelve month high of $23.43. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). The company had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. As a group, analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.57%. The ex-dividend date is Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is currently 68.57%.

Genco Shipping & Trading Profile

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. The company was founded on September 27, 2004 and is headquartered in New York, NY.