Bank of New York Mellon Corp Acquires 44,153 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Bank of New York Mellon Corp lifted its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 34.5% during the fourth quarter, HoldingsChannel reports. The firm owned 171,988 shares of the shipping company’s stock after purchasing an additional 44,153 shares during the quarter. Bank of New York Mellon Corp’s holdings in Genco Shipping & Trading were worth $2,398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Pekin Hardy Strauss Inc. bought a new stake in shares of Genco Shipping & Trading during the 3rd quarter worth $812,000. Charles Schwab Investment Management Inc. lifted its holdings in Genco Shipping & Trading by 70.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after purchasing an additional 219,907 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Genco Shipping & Trading by 155.0% during the third quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after purchasing an additional 173,270 shares during the last quarter. Barclays PLC lifted its holdings in Genco Shipping & Trading by 499.7% during the third quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock valued at $2,016,000 after purchasing an additional 86,147 shares during the last quarter. Finally, Townsend & Associates Inc lifted its holdings in Genco Shipping & Trading by 2.2% during the fourth quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock valued at $15,318,000 after purchasing an additional 23,101 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GNK has been the topic of several recent research reports. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Jefferies Financial Group dropped their price objective on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $23.00.

Genco Shipping & Trading Trading Down 2.3 %

Shares of GNK opened at $13.68 on Friday. The business’s 50-day moving average price is $14.29 and its 200-day moving average price is $15.64. Genco Shipping & Trading Limited has a twelve month low of $13.36 and a twelve month high of $23.43. The stock has a market cap of $584.72 million, a PE ratio of 7.81, a P/E/G ratio of 5.64 and a beta of 0.99. The company has a quick ratio of 2.49, a current ratio of 3.09 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 the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The company had revenue of $67.95 million for the quarter, compared to the consensus estimate of $67.36 million. On average, equities analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed 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 dividend yield of 8.78%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 68.57%.

Insider Buying and Selling

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $86,914.96. Following the completion of the sale, the chief accounting officer now owns 26,829 shares of the company’s stock, valued at $374,532.84. This represents a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jesper Christensen sold 13,602 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $189,883.92. Following the completion of the sale, the insider now directly owns 57,322 shares of the company’s stock, 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 three months, insiders have sold 28,812 shares of company stock worth $402,216. Insiders own 2.50% of the company’s stock.

Genco Shipping & Trading 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.