Intech Investment Management LLC Grows Stake in Genco Shipping & Trading Limited (NYSE:GNK)

Intech Investment Management LLC boosted its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 107.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 21,514 shares of the shipping company’s stock after acquiring an additional 11,166 shares during the quarter. Intech Investment Management LLC’s holdings in Genco Shipping & Trading were worth $300,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Rhumbline Advisers grew its stake in shares of Genco Shipping & Trading by 2.7% during the 4th quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company’s stock valued at $950,000 after purchasing an additional 1,800 shares during the period. R Squared Ltd bought a new stake in Genco Shipping & Trading during the fourth quarter valued at approximately $29,000. Commonwealth Equity Services LLC grew its position in Genco Shipping & Trading by 12.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 22,156 shares of the shipping company’s stock valued at $309,000 after buying an additional 2,411 shares during the period. Tidal Investments LLC increased its holdings in Genco Shipping & Trading by 13.4% during the third quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock valued at $479,000 after buying an additional 2,898 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Genco Shipping & Trading by 26.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,190 shares of the shipping company’s stock worth $198,000 after acquiring an additional 3,000 shares during the period. Institutional investors own 58.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on GNK shares. Jefferies Financial Group reduced their price objective on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Insider Activity

In other news, insider Jesper Christensen sold 13,602 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was 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 in the company, valued at $800,215.12. This trade represents a 19.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 sale, the chief accounting officer now directly owns 26,829 shares in the company, valued at $374,532.84. This trade represents a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,812 shares of company stock worth $402,216 over the last quarter. Insiders own 2.50% of the company’s stock.

Genco Shipping & Trading Stock Down 0.4 %

Shares of GNK stock opened at $13.50 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. 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 $14.24 and its 200-day moving average price is $15.58. The company has a market capitalization of $577.23 million, a price-to-earnings ratio of 7.71, a PEG ratio of 5.64 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). The business had revenue of $67.95 million for the quarter, compared to the consensus estimate 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 fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were paid a $0.30 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 annualized dividend and a yield of 8.89%. Genco Shipping & Trading’s payout ratio 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.