Genco Shipping & Trading Limited (NYSE:GNK) Stock Holdings Lessened by Wellington Management Group LLP

Wellington Management Group LLP trimmed its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 27.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 487,588 shares of the shipping company’s stock after selling 188,087 shares during the quarter. Wellington Management Group LLP owned 1.15% of Genco Shipping & Trading worth $6,821,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new position in Genco Shipping & Trading during the first quarter valued at approximately $26,000. Ensign Peak Advisors Inc grew its holdings in Genco Shipping & Trading by 53.2% during the third quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 840 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Genco Shipping & Trading by 1,632.8% during the third quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock valued at $32,000 after purchasing an additional 2,139 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Genco Shipping & Trading by 114.1% during the third quarter. Tower Research Capital LLC TRC now owns 2,603 shares of the shipping company’s stock valued at $32,000 after purchasing an additional 1,387 shares during the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new position in Genco Shipping & Trading during the third quarter valued at approximately $34,000. Institutional investors own 52.75% of the company’s stock.

Genco Shipping & Trading Stock Down 1.8 %

Shares of NYSE GNK opened at $20.06 on Tuesday. The stock has a market cap of $856.95 million, a PE ratio of -64.69 and a beta of 1.18. The business has a fifty day moving average of $18.78 and a two-hundred day moving average of $16.08. Genco Shipping & Trading Limited has a 52-week low of $12.39 and a 52-week high of $21.24. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.70 and a current ratio of 4.46.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, February 21st. The shipping company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The company had revenue of $115.50 million during the quarter, compared to analysts’ expectations of $72.54 million. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The business’s revenue was down 9.1% on a year-over-year basis. During the same period last year, the business earned $0.67 earnings per share. As a group, equities research analysts expect that Genco Shipping & Trading Limited will post 2.15 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Shareholders of record on Wednesday, March 6th were issued a dividend of $0.41 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $1.64 dividend on an annualized basis and a dividend yield of 8.18%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently -529.03%.

Analyst Ratings Changes

Several equities analysts have commented on the company. StockNews.com downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Friday. TheStreet upgraded shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research note on Thursday, February 22nd. Jefferies Financial Group lifted their price target on shares of Genco Shipping & Trading from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, November 30th. Finally, BTIG Research reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $20.67.

Insider Activity at Genco Shipping & Trading

In related news, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $20.40, for a total value of $28,478.40. Following the completion of the transaction, the chief accounting officer now directly owns 17,994 shares of the company’s stock, valued at $367,077.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $139,312.80. Following the completion of the sale, the chief financial officer now directly owns 35,518 shares in the company, valued at $703,256.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $20.40, for a total value of $28,478.40. Following the completion of the sale, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at $367,077.60. The disclosure for this sale can be found here. Insiders sold 62,496 shares of company stock valued at $1,238,678 over the last ninety days. 2.50% of the stock is owned by insiders.

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.