Rhumbline Advisers Sells 2,564 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Rhumbline Advisers lessened its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 3.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 65,572 shares of the shipping company’s stock after selling 2,564 shares during the period. Rhumbline Advisers owned approximately 0.15% of Genco Shipping & Trading worth $876,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Banque Transatlantique SA purchased a new stake in Genco Shipping & Trading during the 4th quarter valued at $28,000. New Age Alpha Advisors LLC purchased a new stake in Genco Shipping & Trading during the 4th quarter valued at $56,000. GAMMA Investing LLC raised its holdings in Genco Shipping & Trading by 1,119.1% during the 1st quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company’s stock valued at $60,000 after buying an additional 4,096 shares during the period. Mariner LLC purchased a new stake in Genco Shipping & Trading during the 4th quarter valued at $147,000. Finally, AXQ Capital LP purchased a new stake in Genco Shipping & Trading during the 4th quarter valued at $162,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Pareto Securities upgraded Genco Shipping & Trading to a “strong-buy” rating in a report on Monday, March 31st. Jefferies Financial Group reiterated a “buy” rating and issued a $17.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, May 8th. Wall Street Zen lowered Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Finally, Dnb Nor Markets upgraded Genco Shipping & Trading to a “strong-buy” rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.75.

Genco Shipping & Trading Stock Performance

Shares of Genco Shipping & Trading stock opened at $13.22 on Friday. The firm has a market cap of $567.72 million, a P/E ratio of 12.71, a P/E/G ratio of 15.36 and a beta of 1.22. The company has a current ratio of 1.79, a quick ratio of 1.28 and a debt-to-equity ratio of 0.09. Genco Shipping & Trading Limited has a 12 month low of $11.20 and a 12 month high of $22.18. The stock’s fifty day moving average price is $13.36 and its 200-day moving average price is $13.81.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, May 7th. The shipping company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.02). The firm had revenue of $41.64 million for the quarter, compared to analysts’ expectations of $43.49 million. Genco Shipping & Trading had a net margin of 12.12% and a return on equity of 4.22%. The business’s quarterly revenue was down 39.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.49 EPS. On average, equities research analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Dividend Announcement

The business also recently disclosed a dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 23rd were given a dividend of $0.15 per share. This represents a yield of 4.28%. The ex-dividend date was Thursday, May 22nd. Genco Shipping & Trading’s payout ratio 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.