Genco Shipping & Trading Limited (NYSE:GNK) Shares Sold by Tower Research Capital LLC TRC

Tower Research Capital LLC TRC reduced its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 59.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,083 shares of the shipping company’s stock after selling 4,454 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Genco Shipping & Trading were worth $43,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. R Squared Ltd acquired a new position in Genco Shipping & Trading during the fourth quarter worth about $29,000. New Age Alpha Advisors LLC acquired a new position in Genco Shipping & Trading during the fourth quarter worth about $56,000. Mariner LLC acquired a new position in Genco Shipping & Trading during the fourth quarter worth about $147,000. Nisa Investment Advisors LLC grew its holdings in Genco Shipping & Trading by 830.3% during 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 during the period. Finally, AXQ Capital LP acquired a new position in Genco Shipping & Trading during the fourth quarter worth about $162,000. 58.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on GNK shares. StockNews.com lowered Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Friday, May 9th. Jefferies Financial Group reissued a “buy” rating and issued a $17.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, May 8th. Dnb Nor Markets raised Genco Shipping & Trading to a “strong-buy” rating in a research note on Thursday, May 1st. Finally, Pareto Securities raised Genco Shipping & Trading to a “strong-buy” rating in a research note on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Genco Shipping & Trading has a consensus rating of “Moderate Buy” and a consensus price target of $20.75.

Genco Shipping & Trading Stock Up 2.7%

Shares of Genco Shipping & Trading stock opened at $14.57 on Wednesday. The firm has a market cap of $625.91 million, a price-to-earnings ratio of 8.33, a P/E/G ratio of 5.64 and a beta of 1.17. 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 52-week low of $11.20 and a 52-week high of $23.39. The stock has a 50-day simple moving average of $13.15 and a 200-day simple moving average of $14.39.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, May 7th. The shipping company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The company had revenue of $41.64 million during the quarter, compared to the consensus estimate of $43.49 million. During the same period in the previous year, the business posted $0.49 earnings per share. The firm’s revenue was down 39.3% on a year-over-year basis. On average, equities research analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share 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 given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 8.24%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is currently 57.69%.

Insiders Place Their Bets

In other news, CFO Peter George Allen sold 8,984 shares of the business’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 transaction of $125,416.64. Following the sale, the chief financial officer now directly owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 sale, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $374,532.84. This 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 valued at $402,216 in the last three months. Company insiders own 2.37% of the company’s stock.

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, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.