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

Intech Investment Management LLC grew its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 107.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,514 shares of the shipping company’s stock after buying an additional 11,166 shares during the period. Intech Investment Management LLC owned 0.05% of Genco Shipping & Trading worth $300,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GNK. Rhumbline Advisers raised its holdings in Genco Shipping & Trading by 2.7% in the 4th quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company’s stock worth $950,000 after purchasing an additional 1,800 shares in the last quarter. R Squared Ltd bought a new position in Genco Shipping & Trading in the fourth quarter worth about $29,000. Commonwealth Equity Services LLC lifted its holdings in Genco Shipping & Trading by 12.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 22,156 shares of the shipping company’s stock worth $309,000 after buying an additional 2,411 shares during the period. Tidal Investments LLC boosted its position in Genco Shipping & Trading by 13.4% during the 3rd quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock valued at $479,000 after acquiring an additional 2,898 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Genco Shipping & Trading by 26.8% during the 4th 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 Analyst Weigh In

GNK has been the subject of a number of research analyst reports. Jefferies Financial Group lowered their target price 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 downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Insider Transactions at Genco Shipping & Trading

In other news, CAO Joseph Adamo sold 6,226 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $86,914.96. Following the transaction, the chief accounting officer now directly 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 document filed with the SEC, which is available through the SEC website. Also, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading stock in a transaction dated 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 owns 57,322 shares of the company’s stock, valued at $800,215.12. The trade was a 19.18 % decrease in their ownership of the stock. 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. Corporate insiders own 2.50% of the company’s stock.

Genco Shipping & Trading Stock Down 0.4 %

GNK stock opened at $13.50 on Wednesday. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The business has a 50 day moving average of $14.24 and a 200 day moving average of $15.58. Genco Shipping & Trading Limited has a twelve month low of $13.36 and a twelve month high of $23.43. The firm has a market cap of $577.23 million, a PE ratio of 7.71, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last issued 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). The company 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%. On average, research analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders 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 dividend yield of 8.89%. Genco Shipping & Trading’s dividend payout ratio is presently 68.57%.

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.