Signaturefd LLC Has $33,000 Holdings in Genco Shipping & Trading Limited $GNK

Signaturefd LLC increased its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 239.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,549 shares of the shipping company’s stock after buying an additional 1,797 shares during the period. Signaturefd LLC’s holdings in Genco Shipping & Trading were worth $33,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of GNK. Wealth Enhancement Advisory Services LLC raised its position in shares of Genco Shipping & Trading by 54.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 17,287 shares of the shipping company’s stock worth $241,000 after acquiring an additional 6,097 shares in the last quarter. GAMMA Investing LLC grew its stake in 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 purchasing an additional 4,096 shares during the period. SeaCrest Wealth Management LLC bought a new stake in Genco Shipping & Trading in the first quarter worth approximately $188,000. SG Americas Securities LLC increased its holdings in Genco Shipping & Trading by 629.8% in the first quarter. SG Americas Securities LLC now owns 218,067 shares of the shipping company’s stock worth $2,913,000 after purchasing an additional 188,186 shares in the last quarter. Finally, Randolph Co Inc acquired a new position in Genco Shipping & Trading in the first quarter valued at approximately $134,000. Institutional investors own 58.62% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity at Genco Shipping & Trading

In related news, insider Jesper Christensen sold 34,202 shares of Genco Shipping & Trading 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 directly owned 69,363 shares in the company, valued at approximately $1,252,695.78. This trade represents a 33.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.08% of the company’s stock.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $16.97 on Tuesday. The company has a current ratio of 1.63, a quick ratio of 1.20 and a debt-to-equity ratio of 0.10. The stock has a market cap of $729.03 million, a PE ratio of 49.91 and a beta of 1.22. The stock’s fifty day simple moving average is $17.25 and its two-hundred day simple moving average is $14.85. Genco Shipping & Trading Limited has a 1-year low of $11.20 and a 1-year high of $19.60.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, August 6th. The shipping company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The company had revenue of $46.90 million during the quarter, compared to the consensus estimate of $50.19 million. During the same quarter in the prior year, the company posted $0.46 earnings per share. The firm’s revenue for the quarter was down 24.4% on a year-over-year basis. As a group, analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS 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. Shareholders of record on Monday, August 18th were given a dividend of $0.15 per share. The ex-dividend date of this dividend 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 (DPR) is currently 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.