Ieq Capital LLC Acquires New Position in Genco Shipping & Trading Limited (NYSE:GNK)

Ieq Capital LLC purchased a new stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 17,602 shares of the shipping company’s stock, valued at approximately $245,000.

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

Genco Shipping & Trading Stock Down 0.5 %

Shares of GNK stock opened at $14.29 on Friday. 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 $13.51 and a 12 month high of $23.43. The stock has a market cap of $610.80 million, a P/E ratio of 8.16, a P/E/G ratio of 5.64 and a beta of 0.97. The company has a 50 day simple moving average of $14.32 and a two-hundred day simple moving average of $16.03.

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 business had revenue of $67.95 million for the quarter, compared to analysts’ expectations of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. On average, research analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.40%. Genco Shipping & Trading’s payout ratio is currently 68.57%.

Insider Activity

In related news, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $189,883.92. Following the transaction, the insider now owns 57,322 shares in the company, valued at approximately $800,215.12. The trade was a 19.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Peter George Allen sold 8,984 shares of Genco Shipping & Trading 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 owns 45,251 shares in the company, valued at approximately $631,703.96. This trade represents a 16.56 % decrease in their position. 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 ninety days. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GNK. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Jefferies Financial Group dropped their target price on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

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.