Inspire Investing LLC Has $343,000 Position in Genco Shipping & Trading Limited $GNK

Inspire Investing LLC reduced its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 10.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 25,681 shares of the shipping company’s stock after selling 2,952 shares during the quarter. Inspire Investing LLC owned approximately 0.06% of Genco Shipping & Trading worth $343,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Genco Shipping & Trading by 6,887.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,676,967 shares of the shipping company’s stock worth $22,404,000 after purchasing an additional 1,652,966 shares during the last quarter. American Century Companies Inc. lifted its holdings in Genco Shipping & Trading by 7.4% in the 1st quarter. American Century Companies Inc. now owns 1,462,880 shares of the shipping company’s stock worth $19,544,000 after purchasing an additional 101,283 shares during the last quarter. Townsend & Associates Inc lifted its holdings in Genco Shipping & Trading by 17.7% in the 1st quarter. Townsend & Associates Inc now owns 1,261,959 shares of the shipping company’s stock worth $15,484,000 after purchasing an additional 190,000 shares during the last quarter. Focus Partners Wealth lifted its holdings in Genco Shipping & Trading by 15.3% in the 1st quarter. Focus Partners Wealth now owns 798,520 shares of the shipping company’s stock worth $10,668,000 after purchasing an additional 106,222 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Genco Shipping & Trading by 0.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 478,411 shares of the shipping company’s stock worth $6,392,000 after purchasing an additional 3,764 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Stock Performance

Shares of NYSE:GNK opened at $18.40 on Wednesday. The business’s fifty day moving average price is $16.42 and its two-hundred day moving average price is $14.43. Genco Shipping & Trading Limited has a fifty-two week low of $11.20 and a fifty-two week high of $19.51. The stock has a market capitalization of $790.46 million, a price-to-earnings ratio of 54.12 and a beta of 1.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $46.90 million for the quarter, compared to analysts’ expectations of $50.19 million. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The business’s revenue was down 24.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.46 earnings per share. As a group, analysts predict that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced 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. This represents a $0.60 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, August 18th. Genco Shipping & Trading’s dividend payout ratio is presently 176.47%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GNK. Jefferies Financial Group restated a “buy” rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a report on Thursday, August 7th. Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Genco Shipping & Trading has an average rating of “Buy” and a consensus price target of $18.00.

Insider Activity at Genco Shipping & Trading

In other news, insider Jesper Christensen sold 34,202 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $18.06, for a total transaction of $617,688.12. Following the sale, the insider owned 69,363 shares in the company, valued at approximately $1,252,695.78. This represents a 33.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.08% of the company’s stock.

Genco Shipping & Trading 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.