Los Angeles Capital Management LLC Sells 9,160 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Los Angeles Capital Management LLC reduced its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 14.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 53,799 shares of the shipping company’s stock after selling 9,160 shares during the quarter. Los Angeles Capital Management LLC owned 0.13% of Genco Shipping & Trading worth $1,146,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of GNK. CWM LLC increased its stake in Genco Shipping & Trading by 109.5% during the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 998 shares in the last quarter. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Genco Shipping & Trading in the fourth quarter worth approximately $126,000. nVerses Capital LLC bought a new stake in shares of Genco Shipping & Trading in the second quarter worth approximately $136,000. Banque Cantonale Vaudoise grew its stake in shares of Genco Shipping & Trading by 236.6% in the first quarter. Banque Cantonale Vaudoise now owns 8,536 shares of the shipping company’s stock worth $174,000 after acquiring an additional 6,000 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Genco Shipping & Trading by 80.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock worth $191,000 after acquiring an additional 4,003 shares during the period. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK opened at $17.04 on Thursday. The firm has a 50 day moving average of $18.71 and a 200 day moving average of $20.31. The company has a current ratio of 3.59, a quick ratio of 2.94 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $728.42 million, a price-to-earnings ratio of 283.92, a price-to-earnings-growth ratio of 0.24 and a beta of 0.95. Genco Shipping & Trading Limited has a 12-month low of $12.65 and a 12-month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.04. The company had revenue of $107.00 million during the quarter, compared to analyst estimates of $74.86 million. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.27 earnings per share. On average, research analysts anticipate that Genco Shipping & Trading Limited will post 2.1 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 19th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.36 annualized dividend and a yield of 7.98%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 2,266.67%.

Wall Street Analyst Weigh In

GNK has been the subject of a number of research analyst reports. Alliance Global Partners lifted their price target on shares of Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.80.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.