Corebridge Financial Inc. Lowers Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Corebridge Financial Inc. trimmed its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 7.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 20,972 shares of the shipping company’s stock after selling 1,583 shares during the quarter. Corebridge Financial Inc.’s holdings in Genco Shipping & Trading were worth $292,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. LPL Financial LLC raised its stake in shares of Genco Shipping & Trading by 3.1% in the fourth quarter. LPL Financial LLC now owns 24,566 shares of the shipping company’s stock worth $342,000 after purchasing an additional 736 shares during the last quarter. Rhumbline Advisers raised its position in Genco Shipping & Trading by 2.7% in the 4th quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company’s stock worth $950,000 after buying an additional 1,800 shares during the last quarter. R Squared Ltd bought a new position in Genco Shipping & Trading during the 4th quarter valued at about $29,000. Commonwealth Equity Services LLC boosted its holdings in shares of Genco Shipping & Trading by 12.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 22,156 shares of the shipping company’s stock valued at $309,000 after acquiring an additional 2,411 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in shares of Genco Shipping & Trading by 13.4% in the third quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock worth $479,000 after acquiring an additional 2,898 shares during the period. 58.62% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Jesper Christensen sold 13,602 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was 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 in the company, valued at $800,215.12. The trade was a 19.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Joseph Adamo sold 6,226 shares of the stock in a transaction dated Monday, February 24th. The stock was 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 of the company’s stock, valued at $374,532.84. This represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,812 shares of company stock worth $402,216 over the last three months. 2.50% of the stock is currently owned by company insiders.

Genco Shipping & Trading Trading Down 4.4 %

Shares of GNK stock opened at $11.96 on Friday. Genco Shipping & Trading Limited has a 1 year low of $11.20 and a 1 year high of $23.43. The firm has a fifty day moving average price of $13.76 and a 200-day moving average price of $15.13. The company has a market cap of $511.17 million, a price-to-earnings ratio of 6.83, a PEG ratio of 5.64 and a beta of 0.96. 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 (NYSE:GNK) last issued its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 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 company had revenue of $67.95 million during 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 year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 10.04%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is currently 68.57%.

Wall Street Analyst Weigh In

GNK has been the topic of several research reports. StockNews.com cut 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 price target on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Finally, Pareto Securities upgraded Genco Shipping & Trading to a “strong-buy” rating in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Genco Shipping & Trading 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.