Genco Shipping & Trading Limited $GNK Shares Acquired by Citigroup Inc.

Citigroup Inc. lifted its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 727.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 215,412 shares of the shipping company’s stock after purchasing an additional 189,383 shares during the quarter. Citigroup Inc. owned about 0.50% of Genco Shipping & Trading worth $3,834,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new position in Genco Shipping & Trading during the 3rd quarter worth $30,000. PNC Financial Services Group Inc. increased its stake in shares of Genco Shipping & Trading by 82.2% during the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after acquiring an additional 876 shares during the period. State of Alaska Department of Revenue purchased a new position in Genco Shipping & Trading during the third quarter worth about $40,000. CWM LLC lifted its position in Genco Shipping & Trading by 61.4% in the third quarter. CWM LLC now owns 2,843 shares of the shipping company’s stock valued at $51,000 after purchasing an additional 1,082 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in Genco Shipping & Trading by 230.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 4,618 shares of the shipping company’s stock valued at $60,000 after purchasing an additional 3,221 shares in the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Genco Shipping & Trading Stock Up 0.5%

GNK opened at $24.10 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.84 and a current ratio of 2.39. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -219.05, a PEG ratio of 5.49 and a beta of 1.14. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $24.81. The business’s fifty day moving average is $20.82 and its two-hundred day moving average is $18.70.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.04. The business had revenue of $109.92 million during the quarter, compared to the consensus estimate of $78.52 million. Genco Shipping & Trading had a negative return on equity of 0.12% and a negative net margin of 1.28%.The business’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.29 EPS. Analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 11th will be given a $0.50 dividend. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 annualized dividend and a dividend yield of 8.3%. The ex-dividend date is Wednesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -545.45%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GNK. Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Alliance Global Partners cut Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday, February 19th. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Finally, Zacks Research raised shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 17th. Three research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $21.00.

Insider Transactions at Genco Shipping & Trading

In related news, CAO Joseph Adamo sold 6,340 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $23.67, for a total transaction of $150,067.80. Following the sale, the chief accounting officer owned 38,519 shares of the company’s stock, valued at $911,744.73. This trade represents a 14.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Peter George Allen sold 13,315 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $23.66, for a total value of $315,032.90. Following the sale, the chief financial officer owned 66,702 shares of the company’s stock, valued at approximately $1,578,169.32. This represents a 16.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 55,824 shares of company stock valued at $1,313,949 in the last ninety days. Corporate insiders own 2.37% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.