Farther Finance Advisors LLC Has $43,000 Stock Position in Genco Shipping & Trading Limited $GNK

Farther Finance Advisors LLC raised its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 303.3% in the second quarter, according to its most recent filing with the SEC. The firm owned 3,275 shares of the shipping company’s stock after purchasing an additional 2,463 shares during the quarter. Farther Finance Advisors LLC’s holdings in Genco Shipping & Trading were worth $43,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 period. American Century Companies Inc. increased its holdings in Genco Shipping & Trading by 7.4% in the first 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 in the last quarter. Townsend & Associates Inc lifted its stake in Genco Shipping & Trading by 17.7% in the first quarter. Townsend & Associates Inc now owns 1,261,959 shares of the shipping company’s stock valued at $15,484,000 after buying an additional 190,000 shares during the period. Focus Partners Wealth boosted its holdings in shares of Genco Shipping & Trading by 15.3% during the 1st quarter. Focus Partners Wealth now owns 798,520 shares of the shipping company’s stock worth $10,668,000 after buying an additional 106,222 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Genco Shipping & Trading by 0.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 478,411 shares of the shipping company’s stock worth $6,392,000 after buying an additional 3,764 shares during the period. Institutional investors own 58.62% of the company’s stock.

Insider Activity at Genco Shipping & Trading

In other news, insider Jesper Christensen sold 34,202 shares of the stock in a transaction dated 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 owned 69,363 shares in the company, valued at $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 SEC, which is available at this hyperlink. 2.08% of the stock is currently owned by corporate insiders.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $16.97 on Tuesday. The firm has a market capitalization of $729.03 million, a P/E ratio of 49.91 and a beta of 1.22. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $19.60. The stock has a 50 day moving average price of $17.25 and a two-hundred day moving average price of $14.85. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.20 and a current ratio of 1.63.

Genco Shipping & Trading (NYSE:GNK) last announced its 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. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The company had revenue of $46.90 million for the quarter, compared to analysts’ expectations of $50.19 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. Genco Shipping & Trading’s quarterly revenue was down 24.4% on a year-over-year basis. Equities analysts forecast that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders 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 annualized dividend and a dividend yield of 3.5%. Genco Shipping & Trading’s dividend payout ratio is presently 176.47%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GNK shares. Jefferies Financial Group reissued a “buy” rating and set a $19.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Genco Shipping & Trading in a report on Saturday, September 27th. Finally, SEB Equity Research set a $23.00 target price on Genco Shipping & Trading in a research note on Friday, September 26th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $19.67.

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.