Geode Capital Management LLC Acquires 10,260 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Geode Capital Management LLC boosted its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 1.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 990,357 shares of the shipping company’s stock after purchasing an additional 10,260 shares during the quarter. Geode Capital Management LLC owned 2.32% of Genco Shipping & Trading worth $13,809,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its position in Genco Shipping & Trading by 80.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 198,764 shares of the shipping company’s stock worth $2,771,000 after buying an additional 88,538 shares in the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Genco Shipping & Trading during the fourth quarter valued at approximately $56,000. JPMorgan Chase & Co. lifted its position in Genco Shipping & Trading by 39.7% in the fourth quarter. JPMorgan Chase & Co. now owns 398,321 shares of the shipping company’s stock worth $5,553,000 after purchasing an additional 113,230 shares during the period. EntryPoint Capital LLC acquired a new stake in Genco Shipping & Trading during the fourth quarter worth $235,000. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of Genco Shipping & Trading in the 4th quarter valued at $552,000. 58.62% of the stock is owned by institutional investors.

Insider Activity

In other Genco Shipping & Trading news, CFO Peter George Allen sold 8,984 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 transaction of $125,416.64. Following the completion of the sale, the chief financial officer now directly owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. The trade was a 16.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $189,883.92. Following the sale, the insider now owns 57,322 shares of the company’s stock, valued at approximately $800,215.12. This represents a 19.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,812 shares of company stock valued at $402,216 over the last three months. 2.50% of the stock is owned by insiders.

Genco Shipping & Trading Stock Up 0.9 %

Shares of GNK opened at $12.58 on Monday. The company has a market capitalization of $540.21 million, a P/E ratio of 7.19, a PEG ratio of 5.64 and a beta of 0.96. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $23.43. The business’s 50 day simple moving average is $13.53 and its 200-day simple moving average is $14.83. 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 posted its quarterly earnings data 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 business had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. As a group, sell-side analysts predict that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were given a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.54%. Genco Shipping & Trading’s payout ratio is 68.57%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GNK shares. Pareto Securities raised shares of Genco Shipping & Trading to a “strong-buy” rating in a research report on Monday, March 31st. Jefferies Financial Group cut their target price on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

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.