Quantbot Technologies LP Sells 3,545 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Quantbot Technologies LP cut its position in Genco Shipping & Trading Limited (NYSE:GNK) by 5.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 63,045 shares of the shipping company’s stock after selling 3,545 shares during the quarter. Quantbot Technologies LP owned approximately 0.15% of Genco Shipping & Trading worth $879,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GNK. Teacher Retirement System of Texas purchased a new position in Genco Shipping & Trading during the 4th quarter worth $3,692,000. Charles Schwab Investment Management Inc. increased its holdings in Genco Shipping & Trading by 70.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after buying an additional 219,907 shares during the period. JPMorgan Chase & Co. lifted its stake in Genco Shipping & Trading by 155.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after acquiring an additional 173,270 shares during the period. Royce & Associates LP boosted its holdings in shares of Genco Shipping & Trading by 23.9% in the 4th quarter. Royce & Associates LP now owns 597,860 shares of the shipping company’s stock valued at $8,334,000 after acquiring an additional 115,173 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Genco Shipping & Trading by 499.7% in the third quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock worth $2,016,000 after acquiring an additional 86,147 shares during the period. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Trading Down 0.5 %

Shares of Genco Shipping & Trading stock opened at $13.40 on Thursday. Genco Shipping & Trading Limited has a fifty-two week low of $13.14 and a fifty-two week high of $23.43. 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 company has a market cap of $572.79 million, a P/E ratio of 7.65, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99. The firm has a 50-day simple moving average of $14.22 and a two-hundred day simple moving average of $15.56.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The business had revenue of $67.95 million for the quarter, compared to analysts’ expectations of $67.36 million. As a group, equities analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors 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 8.96%. Genco Shipping & Trading’s dividend payout ratio is currently 68.57%.

Insider Buying and Selling

In related news, CFO Peter George Allen sold 8,984 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total value 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jesper Christensen sold 13,602 shares of the 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 $189,883.92. Following the transaction, the insider now directly owns 57,322 shares of the company’s stock, valued at $800,215.12. The trade was a 19.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,812 shares of company stock valued at $402,216. 2.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on GNK shares. Jefferies Financial Group lowered their price target 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. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.