Genco Shipping & Trading Limited (NYSE:GNK) Shares Sold by Raymond James & Associates

Raymond James & Associates cut its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 33.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,514 shares of the shipping company’s stock after selling 13,397 shares during the period. Raymond James & Associates owned about 0.06% of Genco Shipping & Trading worth $440,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of GNK. SG Americas Securities LLC lifted its stake in Genco Shipping & Trading by 696.5% during the fourth quarter. SG Americas Securities LLC now owns 78,118 shares of the shipping company’s stock worth $1,296,000 after purchasing an additional 68,310 shares during the last quarter. Key Colony Management LLC acquired a new stake in Genco Shipping & Trading during the 4th quarter worth $1,510,000. Moors & Cabot Inc. lifted its position in Genco Shipping & Trading by 76.0% in the third quarter. Moors & Cabot Inc. now owns 47,469 shares of the shipping company’s stock valued at $664,000 after acquiring an additional 20,500 shares during the last quarter. MQS Management LLC acquired a new position in Genco Shipping & Trading in the third quarter valued at $361,000. Finally, Swiss National Bank lifted its holdings in shares of Genco Shipping & Trading by 1.1% in the 3rd quarter. Swiss National Bank now owns 93,400 shares of the shipping company’s stock valued at $1,307,000 after purchasing an additional 1,000 shares during the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Genco Shipping & Trading news, insider Jesper Christensen sold 12,404 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $245,599.20. Following the sale, the insider now directly owns 42,587 shares in the company, valued at approximately $843,222.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jesper Christensen sold 12,404 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $245,599.20. Following the completion of the transaction, the insider now directly owns 42,587 shares of the company’s stock, valued at approximately $843,222.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Joseph Adamo sold 6,000 shares of Genco Shipping & Trading stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $19.87, for a total transaction of $119,220.00. Following the transaction, the chief accounting officer now owns 17,202 shares of the company’s stock, valued at approximately $341,803.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,496 shares of company stock worth $1,238,678. 2.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GNK shares. BTIG Research reissued a “neutral” rating on shares of Genco Shipping & Trading in a report on Friday, January 5th. TheStreet raised shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. Stifel Nicolaus lifted their price objective on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Finally, StockNews.com downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $21.00.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $21.55 on Friday. The firm has a market cap of $921.26 million, a price-to-earnings ratio of -69.52 and a beta of 1.18. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. Genco Shipping & Trading Limited has a 1-year low of $12.39 and a 1-year high of $21.61. The firm’s fifty day moving average price is $20.26 and its 200 day moving average price is $17.18.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, February 21st. The shipping company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. The business had revenue of $115.50 million for the quarter, compared to analyst estimates of $72.54 million. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The business’s revenue was down 9.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.67 earnings per share. On average, sell-side analysts expect that Genco Shipping & Trading Limited will post 1.93 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, March 6th were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 7.61%. The ex-dividend date was Tuesday, March 5th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio is currently -529.03%.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.