Northern Trust Corp Acquires 15,924 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Northern Trust Corp grew its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 4.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 374,832 shares of the shipping company’s stock after purchasing an additional 15,924 shares during the quarter. Northern Trust Corp owned about 0.88% of Genco Shipping & Trading worth $5,225,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of GNK. Oxford Asset Management LLP bought a new position in Genco Shipping & Trading in the 4th quarter worth $440,000. Price T Rowe Associates Inc. MD raised its holdings in Genco Shipping & Trading by 22.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,897 shares of the shipping company’s stock worth $236,000 after acquiring an additional 3,064 shares during the period. Dark Forest Capital Management LP bought a new position in Genco Shipping & Trading in the 4th quarter worth $505,000. Stifel Financial Corp bought a new position in Genco Shipping & Trading in the 4th quarter worth $287,000. Finally, MetLife Investment Management LLC raised its holdings in Genco Shipping & Trading by 12.3% in the 4th quarter. MetLife Investment Management LLC now owns 27,552 shares of the shipping company’s stock worth $384,000 after acquiring an additional 3,015 shares during the period. Institutional investors own 58.62% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on GNK. Jefferies Financial Group reiterated a “buy” rating and issued a $17.00 target price on shares of Genco Shipping & Trading in a report on Thursday, May 8th. Pareto Securities upgraded shares of Genco Shipping & Trading to a “strong-buy” rating in a report on Monday, March 31st. Dnb Nor Markets upgraded shares of Genco Shipping & Trading to a “strong-buy” rating in a report on Thursday, May 1st. Finally, StockNews.com downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Genco Shipping & Trading has an average rating of “Moderate Buy” and an average price target of $20.75.

Insider Activity

In other news, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $189,883.92. Following the sale, the insider now directly owns 57,322 shares in the company, valued at approximately $800,215.12. The trade was a 19.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Joseph Adamo sold 6,226 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $86,914.96. Following the completion of the transaction, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $374,532.84. This trade represents a 18.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,812 shares of company stock worth $402,216. Corporate insiders own 2.37% of the company’s stock.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $13.95 on Wednesday. The firm’s 50-day moving average is $13.18 and its 200-day moving average is $14.33. Genco Shipping & Trading Limited has a 52-week low of $11.20 and a 52-week high of $23.11. 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 $599.28 million, a price-to-earnings ratio of 7.97, a PEG ratio of 5.64 and a beta of 1.17.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, May 7th. The shipping company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.02). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The business had revenue of $41.64 million for the quarter, compared to analyst estimates of $43.49 million. During the same quarter last year, the firm posted $0.49 earnings per share. Genco Shipping & Trading’s revenue was down 39.3% on a year-over-year basis. Equities research analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Announces Dividend

The firm also recently announced a dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a dividend yield of 4.28%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 57.69%.

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, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.