Charles Schwab Investment Management Inc. Trims Position in Genco Shipping & Trading Limited (NYSE:GNK)

Charles Schwab Investment Management Inc. trimmed its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 10.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 474,647 shares of the shipping company’s stock after selling 55,876 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Genco Shipping & Trading were worth $6,617,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. R Squared Ltd bought a new stake in Genco Shipping & Trading during the fourth quarter valued at about $29,000. Quarry LP lifted its position 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 during the last quarter. Nisa Investment Advisors LLC grew its position in 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 acquiring an additional 9,847 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of 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 valued at $198,000 after acquiring an additional 3,000 shares during the period. Finally, Intech Investment Management LLC bought a new stake in Genco Shipping & Trading in the third quarter worth about $202,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on GNK. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Jefferies Financial Group lowered their price objective on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.00.

Genco Shipping & Trading Stock Performance

GNK opened at $13.55 on Tuesday. The firm has a 50 day moving average of $14.27 and a two-hundred day moving average of $15.60. The firm has a market capitalization of $579.50 million, a PE ratio of 7.74, a P/E/G ratio of 5.64 and a beta of 0.99. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a 12-month low of $13.36 and a 12-month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.27). The business had revenue of $67.95 million for the quarter, compared to analysts’ expectations of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. On average, analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 8.85%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 68.57%.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, CFO Peter George Allen sold 8,984 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $125,416.64. Following the transaction, the chief financial officer now owns 45,251 shares in the company, valued at approximately $631,703.96. This represents a 16.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Joseph Adamo sold 6,226 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 26,829 shares of the company’s stock, 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. Over the last ninety days, insiders sold 28,812 shares of company stock worth $402,216. 2.50% of the stock is owned by corporate insiders.

About Genco Shipping & Trading

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.