Commonwealth Equity Services LLC Buys 2,411 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Commonwealth Equity Services LLC boosted its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 12.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,156 shares of the shipping company’s stock after purchasing an additional 2,411 shares during the period. Commonwealth Equity Services LLC’s holdings in Genco Shipping & Trading were worth $309,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in Genco Shipping & Trading by 51.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,355 shares of the shipping company’s stock valued at $911,000 after buying an additional 22,316 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Genco Shipping & Trading in the fourth quarter worth $332,000. Victory Capital Management Inc. increased its position in Genco Shipping & Trading by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 98,690 shares of the shipping company’s stock valued at $1,376,000 after acquiring an additional 14,712 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Genco Shipping & Trading by 34.5% in the fourth quarter. Bank of New York Mellon Corp now owns 171,988 shares of the shipping company’s stock valued at $2,398,000 after acquiring an additional 44,153 shares during the period. Finally, Partners Wealth Management LLC purchased a new position in Genco Shipping & Trading in the fourth quarter worth about $221,000. Institutional investors own 58.62% of the company’s stock.

Insider Buying and Selling at Genco Shipping & Trading

In other news, CAO Joseph Adamo sold 6,226 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer now owns 26,829 shares of the company’s stock, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter George Allen sold 8,984 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the transaction, the chief financial officer now directly owns 45,251 shares of the company’s stock, valued at $631,703.96. The trade was a 16.56 % 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 valued at $402,216 over the last ninety days. 2.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GNK has been the subject of several research reports. Pareto Securities raised shares of Genco Shipping & Trading to a “strong-buy” rating in a research report on Monday, March 31st. Jefferies Financial Group reduced their target price on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Finally, 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, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Genco Shipping & Trading Trading Up 3.8 %

Shares of NYSE:GNK opened at $12.15 on Tuesday. The stock has a 50 day moving average of $14.01 and a 200 day moving average of $15.31. The company has a market cap of $519.42 million, a PE ratio of 6.94, a price-to-earnings-growth ratio of 5.64 and a beta of 0.96. Genco Shipping & Trading Limited has a 12-month low of $11.42 and a 12-month high of $23.43. 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 (NYSE:GNK) last posted its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). The firm had revenue of $67.95 million during the quarter, compared to the consensus estimate of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. As a group, equities research analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current 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 of this dividend was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a yield of 9.88%. Genco Shipping & Trading’s payout ratio is presently 68.57%.

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.