Jane Street Group LLC Sells 8,090 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Jane Street Group LLC lowered its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 12.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 55,059 shares of the shipping company’s stock after selling 8,090 shares during the period. Jane Street Group LLC’s holdings in Genco Shipping & Trading were worth $1,074,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in shares of Genco Shipping & Trading by 10.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 161,788 shares of the shipping company’s stock worth $3,448,000 after buying an additional 15,529 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Genco Shipping & Trading by 80.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock valued at $191,000 after purchasing an additional 4,003 shares during the period. Commonwealth Equity Services LLC increased its stake in Genco Shipping & Trading by 127.5% during the 2nd quarter. Commonwealth Equity Services LLC now owns 25,166 shares of the shipping company’s stock valued at $536,000 after purchasing an additional 14,102 shares in the last quarter. nVerses Capital LLC acquired a new position in Genco Shipping & Trading during the second quarter worth $136,000. Finally, Victory Capital Management Inc. lifted its stake in shares of Genco Shipping & Trading by 0.7% in the second quarter. Victory Capital Management Inc. now owns 928,538 shares of the shipping company’s stock valued at $19,787,000 after buying an additional 6,566 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GNK. Stifel Nicolaus downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their target price for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group reissued a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Stock Down 0.6 %

GNK opened at $13.83 on Tuesday. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The company has a market cap of $591.34 million, a PE ratio of 8.81, a price-to-earnings-growth ratio of 0.24 and a beta of 0.96. Genco Shipping & Trading Limited has a 12 month low of $13.51 and a 12 month high of $23.43. The company has a 50 day moving average of $15.78 and a 200 day moving average of $17.74.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, meeting the consensus estimate of $0.41. The firm had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The company’s revenue was up 19.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) EPS. On average, sell-side analysts expect that Genco Shipping & Trading Limited will post 1.74 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 18th were paid a $0.40 dividend. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 dividend on an annualized basis and a yield of 11.57%. The ex-dividend date was Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio is presently 101.91%.

Genco Shipping & Trading Company 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.