Victory Capital Management Inc. Increases Stock Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Victory Capital Management Inc. raised its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 17.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 98,690 shares of the shipping company’s stock after buying an additional 14,712 shares during the period. Victory Capital Management Inc.’s holdings in Genco Shipping & Trading were worth $1,376,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. R Squared Ltd purchased a new position in shares of Genco Shipping & Trading during the 4th quarter valued at about $29,000. Quarry LP lifted its holdings in Genco Shipping & Trading by 535.8% during the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after purchasing an additional 3,595 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Genco Shipping & Trading in the third quarter worth approximately $202,000. Nisa Investment Advisors LLC increased its stake in shares of Genco Shipping & Trading by 830.3% in 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 in the last quarter. Finally, Hohimer Wealth Management LLC bought a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at $243,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CAO Joseph Adamo sold 6,226 shares of the 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 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 legal filing with the SEC, which can be accessed through this link. Also, insider Jesper Christensen sold 13,602 shares of the 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 in the company, valued at approximately $800,215.12. This represents a 19.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,812 shares of company stock worth $402,216. Insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

GNK has been the topic of several research analyst reports. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Jefferies Financial Group cut 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. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Genco Shipping & Trading has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Genco Shipping & Trading Price Performance

GNK stock opened at $13.77 on Wednesday. Genco Shipping & Trading Limited has a one year low of $13.36 and a one year high of $23.43. The company’s fifty day moving average price is $14.31 and its 200-day moving average price is $15.70. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The company has a market capitalization of $588.56 million, a PE ratio of 7.87, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99.

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 the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The business had revenue of $67.95 million during the quarter, compared to the consensus estimate of $67.36 million. On average, equities analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 8.72%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is presently 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.