Vanguard Group Inc. Sells 146,896 Shares of Genco Shipping & Trading Limited $GNK

Vanguard Group Inc. cut its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 8.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,636,832 shares of the shipping company’s stock after selling 146,896 shares during the quarter. Vanguard Group Inc. owned 3.81% of Genco Shipping & Trading worth $21,868,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GNK. Raiffeisen Bank International AG raised its holdings in shares of Genco Shipping & Trading by 39.6% in the first quarter. Raiffeisen Bank International AG now owns 59,681 shares of the shipping company’s stock valued at $797,000 after acquiring an additional 16,931 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Genco Shipping & Trading during the first quarter worth about $4,921,000. Cetera Investment Advisers purchased a new stake in shares of Genco Shipping & Trading during the first quarter worth about $231,000. KLP Kapitalforvaltning AS boosted its position in Genco Shipping & Trading by 271.7% in the first quarter. KLP Kapitalforvaltning AS now owns 127,500 shares of the shipping company’s stock valued at $1,703,000 after buying an additional 93,200 shares during the last quarter. Finally, Calton & Associates Inc. purchased a new stake in Genco Shipping & Trading in the first quarter valued at approximately $207,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on GNK. Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Jefferies Financial Group reissued a “buy” rating and issued a $19.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $19.33.

Genco Shipping & Trading Stock Down 1.5%

Shares of GNK opened at $16.85 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20. The business’s 50 day simple moving average is $15.41 and its 200-day simple moving average is $14.16. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $19.51. The company has a market capitalization of $724.00 million, a P/E ratio of 49.57 and a beta of 1.19.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company had revenue of $46.90 million during the quarter, compared to analyst estimates of $50.19 million. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The firm’s revenue was down 24.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 EPS. 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 declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 18th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, August 18th. This represents a $0.60 annualized dividend and a dividend yield of 3.6%. Genco Shipping & Trading’s dividend payout ratio is 176.47%.

About Genco Shipping & Trading

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.