Strs Ohio Makes New $540,000 Investment in Genco Shipping & Trading Limited $GNK

Strs Ohio purchased a new position in Genco Shipping & Trading Limited (NYSE:GNK) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 40,400 shares of the shipping company’s stock, valued at approximately $540,000. Strs Ohio owned 0.09% of Genco Shipping & Trading at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Summit Securities Group LLC bought a new position in shares of Genco Shipping & Trading in the first quarter worth approximately $39,000. GAMMA Investing LLC boosted its position in shares of Genco Shipping & Trading by 1,119.1% during the first quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company’s stock worth $60,000 after acquiring an additional 4,096 shares during the last quarter. Amundi boosted its position in shares of Genco Shipping & Trading by 29.0% during the first quarter. Amundi now owns 8,000 shares of the shipping company’s stock worth $101,000 after acquiring an additional 1,800 shares during the last quarter. State of Wyoming boosted its position in shares of Genco Shipping & Trading by 34.7% during the first quarter. State of Wyoming now owns 8,088 shares of the shipping company’s stock worth $108,000 after acquiring an additional 2,083 shares during the last quarter. Finally, Randolph Co Inc bought a new position in shares of Genco Shipping & Trading during the first quarter worth $134,000. 58.62% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Jesper Christensen sold 34,202 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $18.06, for a total value of $617,688.12. Following the completion of the sale, the insider directly owned 69,363 shares in the company, valued at $1,252,695.78. This trade represents a 33.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.08% of the stock is owned by company insiders.

Genco Shipping & Trading Stock Down 0.6%

GNK stock opened at $18.70 on Monday. The firm has a 50 day moving average of $16.67 and a 200 day moving average of $14.53. The stock has a market capitalization of $803.35 million, a PE ratio of 55.00 and a beta of 1.22. The company has a quick ratio of 1.20, a current ratio of 1.63 and a debt-to-equity ratio of 0.10. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $19.51.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, August 6th. The shipping company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $46.90 million during the quarter, compared to analysts’ expectations of $50.19 million. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. Genco Shipping & Trading’s revenue for the quarter was down 24.4% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. Sell-side analysts forecast that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 18th were paid a $0.15 dividend. The ex-dividend date was Monday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 3.2%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 176.47%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group restated a “buy” rating and set a $19.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Genco Shipping & Trading has an average rating of “Buy” and a consensus price target of $18.00.

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.