Kingsview Wealth Management LLC Trims Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Kingsview Wealth Management LLC reduced its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 4.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,656 shares of the shipping company’s stock after selling 1,461 shares during the quarter. Kingsview Wealth Management LLC owned 0.08% of Genco Shipping & Trading worth $469,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pekin Hardy Strauss Inc. purchased a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at approximately $812,000. Charles Schwab Investment Management Inc. lifted its stake in Genco Shipping & Trading by 70.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after purchasing an additional 219,907 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Genco Shipping & Trading by 155.0% during the third quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock worth $5,559,000 after purchasing an additional 173,270 shares during the last quarter. Barclays PLC lifted its stake in Genco Shipping & Trading by 499.7% during the third quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock worth $2,016,000 after purchasing an additional 86,147 shares during the last quarter. Finally, Petrus Trust Company LTA bought a new position in Genco Shipping & Trading during the third quarter worth $661,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Genco Shipping & Trading Stock Performance

GNK stock opened at $14.64 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The stock has a market capitalization of $625.92 million, a price-to-earnings ratio of 9.32, a PEG ratio of 5.57 and a beta of 0.97. Genco Shipping & Trading Limited has a 1 year low of $13.51 and a 1 year high of $23.43. The stock’s fifty day moving average is $14.38 and its two-hundred day moving average is $16.31.

Wall Street Analysts Forecast Growth

GNK has been the topic of several research analyst reports. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Jefferies Financial Group restated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $24.20.

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, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.