Los Angeles Capital Management LLC Cuts Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Los Angeles Capital Management LLC cut its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 52.4% in the first quarter, HoldingsChannel reports. The firm owned 62,959 shares of the shipping company’s stock after selling 69,230 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Genco Shipping & Trading were worth $1,280,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Gladius Capital Management LP purchased a new position in shares of Genco Shipping & Trading in the fourth quarter valued at $37,000. PNC Financial Services Group Inc. lifted its position in Genco Shipping & Trading by 1,632.8% in the third quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock worth $32,000 after buying an additional 2,139 shares during the last quarter. CWM LLC lifted its position in Genco Shipping & Trading by 550.0% in the fourth quarter. CWM LLC now owns 3,796 shares of the shipping company’s stock worth $63,000 after buying an additional 3,212 shares during the last quarter. Mark Sheptoff Financial Planning LLC bought a new stake in Genco Shipping & Trading in the fourth quarter worth $126,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Genco Shipping & Trading by 72.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,147 shares of the shipping company’s stock worth $152,000 after buying an additional 3,838 shares during the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Genco Shipping & Trading

In related news, Director Arthur L. Regan sold 1,400 shares of Genco Shipping & Trading stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $22.86, for a total value of $32,004.00. Following the completion of the sale, the director now directly owns 104,414 shares in the company, valued at $2,386,904.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.50% of the stock is currently owned by corporate insiders.

Genco Shipping & Trading Stock Up 0.0 %

NYSE:GNK opened at $21.04 on Monday. Genco Shipping & Trading Limited has a twelve month low of $12.65 and a twelve month high of $23.43. The company has a market cap of $899.67 million, a price-to-earnings ratio of 350.67 and a beta of 1.00. The stock has a fifty day simple moving average of $21.73 and a 200-day simple moving average of $19.41. The company has a current ratio of 3.72, a quick ratio of 2.94 and a debt-to-equity ratio of 0.18.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. The firm had revenue of $117.44 million during the quarter, compared to the consensus estimate of $77.31 million. Genco Shipping & Trading had a return on equity of 5.15% and a net margin of 0.81%. The firm’s quarterly revenue was up 24.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.06 earnings per share. Analysts anticipate that Genco Shipping & Trading Limited will post 2.34 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Wednesday, May 22nd were issued a $0.42 dividend. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.41. This represents a $1.68 annualized dividend and a dividend yield of 7.98%. The ex-dividend date of this dividend was Tuesday, May 21st. Genco Shipping & Trading’s payout ratio is presently 2,800.00%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GNK shares. StockNews.com upgraded Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Jefferies Financial Group raised their price target on Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Stifel Nicolaus raised their price target on Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Finally, B. Riley raised their price target on Genco Shipping & Trading from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Genco Shipping & Trading has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Genco Shipping & Trading Profile

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.