Bank of New York Mellon Corp Has $2.40 Million Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Bank of New York Mellon Corp lifted its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 34.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 171,988 shares of the shipping company’s stock after acquiring an additional 44,153 shares during the period. Bank of New York Mellon Corp owned approximately 0.40% of Genco Shipping & Trading worth $2,398,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. R Squared Ltd acquired a new position in shares of Genco Shipping & Trading in the fourth quarter valued at about $29,000. Quarry LP lifted its position in Genco Shipping & Trading by 535.8% during the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after purchasing an additional 3,595 shares during the period. Intech Investment Management LLC bought a new stake in Genco Shipping & Trading during the third quarter worth about $202,000. Nisa Investment Advisors LLC lifted its position in Genco Shipping & Trading by 830.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,033 shares of the shipping company’s stock worth $154,000 after purchasing an additional 9,847 shares during the period. Finally, Hohimer Wealth Management LLC bought a new stake in Genco Shipping & Trading during the third quarter worth about $243,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $13.68 on Friday. The company has a market capitalization of $584.72 million, a PE ratio of 7.81, a P/E/G ratio of 5.64 and a beta of 0.99. The company has a 50 day simple moving average of $14.29 and a two-hundred day simple moving average of $15.64. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. Genco Shipping & Trading Limited has a fifty-two week low of $13.36 and a fifty-two week high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last released its 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 firm had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. Research analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 8.78%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 68.57%.

Insider Transactions at Genco Shipping & Trading

In related news, CAO Joseph Adamo sold 6,226 shares of Genco Shipping & Trading stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the completion of the sale, the chief accounting officer now owns 26,829 shares of the company’s stock, valued at approximately $374,532.84. This trade represents a 18.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading stock in a transaction 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 completion of the sale, the insider now directly owns 57,322 shares of the company’s stock, valued at approximately $800,215.12. The trade was a 19.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,812 shares of company stock valued at $402,216 in the last quarter. 2.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Jefferies Financial Group dropped 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 report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Genco Shipping & Trading has an average rating of “Moderate Buy” and a consensus price target of $23.00.

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.