Quantbot Technologies LP Decreases Stake in Genco Shipping & Trading Limited (NYSE:GNK)

Quantbot Technologies LP lessened its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 5.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,045 shares of the shipping company’s stock after selling 3,545 shares during the period. Quantbot Technologies LP’s holdings in Genco Shipping & Trading were worth $879,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Teacher Retirement System of Texas acquired a new position in shares of Genco Shipping & Trading during the 4th quarter worth approximately $3,692,000. Intech Investment Management LLC lifted its position in Genco Shipping & Trading by 107.9% during the fourth quarter. Intech Investment Management LLC now owns 21,514 shares of the shipping company’s stock worth $300,000 after buying an additional 11,166 shares in the last quarter. Corient Private Wealth LLC acquired a new position in Genco Shipping & Trading during the fourth quarter worth $251,000. Royce & Associates LP grew its holdings in Genco Shipping & Trading by 23.9% in the 4th quarter. Royce & Associates LP now owns 597,860 shares of the shipping company’s stock valued at $8,334,000 after buying an additional 115,173 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in shares of Genco Shipping & Trading by 12.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 22,156 shares of the shipping company’s stock worth $309,000 after acquiring an additional 2,411 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group dropped their price objective 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. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Genco Shipping & Trading presently has an average rating of “Moderate Buy” and an average target price of $23.00.

Insider Transactions at Genco Shipping & Trading

In other news, CAO Joseph Adamo sold 6,226 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $86,914.96. Following the sale, the chief accounting officer now owns 26,829 shares of the company’s stock, valued at approximately $374,532.84. This represents a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading 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 completion of the transaction, the insider now owns 57,322 shares of the company’s stock, valued at $800,215.12. This trade represents 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 worth $402,216 over the last ninety days. Company insiders own 2.50% of the company’s stock.

Genco Shipping & Trading Stock Down 0.5 %

Shares of NYSE:GNK opened at $13.40 on Thursday. The company has a market capitalization of $572.79 million, a price-to-earnings ratio of 7.65, a PEG ratio of 5.64 and a beta of 0.99. Genco Shipping & Trading Limited has a 12-month low of $13.14 and a 12-month high of $23.43. The business has a 50-day moving average price of $14.22 and a 200 day moving average price of $15.56. 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 announced 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 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%. Sell-side analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 8.96%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 68.57%.

Genco Shipping & Trading Company 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.