Lazard Asset Management LLC Buys 20,455 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Lazard Asset Management LLC increased its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 41.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 69,568 shares of the shipping company’s stock after acquiring an additional 20,455 shares during the period. Lazard Asset Management LLC’s holdings in Genco Shipping & Trading were worth $969,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of GNK. Banque Transatlantique SA purchased a new stake in Genco Shipping & Trading in the 4th quarter worth about $28,000. R Squared Ltd purchased a new stake in shares of Genco Shipping & Trading in the fourth quarter worth approximately $29,000. New Age Alpha Advisors LLC bought a new stake in shares of Genco Shipping & Trading during the 4th quarter worth approximately $56,000. Mariner LLC purchased a new position in Genco Shipping & Trading during the 4th quarter valued at $147,000. Finally, Nisa Investment Advisors LLC grew its position in Genco Shipping & Trading by 830.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,033 shares of the shipping company’s stock valued at $154,000 after acquiring an additional 9,847 shares during the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Genco Shipping & Trading

In other news, CAO Joseph Adamo sold 6,226 shares of the firm’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 value of $86,914.96. Following the transaction, the chief accounting officer now owns 26,829 shares in the company, valued at $374,532.84. This trade represents a 18.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 value of $125,416.64. Following the completion of the transaction, the chief financial officer now owns 45,251 shares in the company, valued at $631,703.96. The trade was a 16.56% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,812 shares of company stock valued at $402,216. Company insiders own 2.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on GNK shares. Dnb Nor Markets raised shares of Genco Shipping & Trading to a “strong-buy” rating in a research note on Thursday, May 1st. Pareto Securities raised shares of Genco Shipping & Trading to a “strong-buy” rating in a research report on Monday, March 31st. Jefferies Financial Group reiterated a “buy” rating and issued a $17.00 price target on shares of Genco Shipping & Trading in a report on Thursday, May 8th. Finally, StockNews.com cut Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.75.

Genco Shipping & Trading Stock Performance

GNK opened at $13.95 on Wednesday. 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 $11.20 and a 12-month high of $23.11. The firm has a 50 day moving average of $13.18 and a two-hundred day moving average of $14.33. The firm has a market capitalization of $599.28 million, a PE ratio of 7.97, a P/E/G ratio of 5.64 and a beta of 1.17.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, May 7th. The shipping company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The company had revenue of $41.64 million during the quarter, compared to analysts’ expectations of $43.49 million. During the same quarter in the previous year, the company earned $0.49 EPS. The firm’s quarterly revenue was down 39.3% compared to the same quarter last year. On average, analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Dividend Announcement

The firm also recently declared a dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 23rd will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, May 22nd. This represents a yield of 4.28%. Genco Shipping & Trading’s dividend payout ratio is currently 57.69%.

Genco Shipping & Trading 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.