Genco Shipping & Trading Limited (NYSE:GNK) Shares Purchased by Ion Asset Management Ltd.

Ion Asset Management Ltd. raised its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 7.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,040 shares of the shipping company’s stock after acquiring an additional 2,840 shares during the quarter. Ion Asset Management Ltd. owned 0.09% of Genco Shipping & Trading worth $544,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. R Squared Ltd acquired a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at about $29,000. New Age Alpha Advisors LLC acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at approximately $56,000. Mariner LLC purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter worth approximately $147,000. Nisa Investment Advisors LLC grew its holdings in shares of Genco Shipping & Trading by 830.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,033 shares of the shipping company’s stock worth $154,000 after acquiring an additional 9,847 shares during the period. Finally, AXQ Capital LP purchased a new position in Genco Shipping & Trading in the 4th quarter valued at approximately $162,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GNK has been the topic of a number of research analyst reports. Jefferies Financial Group decreased their target price on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Pareto Securities raised shares of Genco Shipping & Trading to a “strong-buy” rating in a research note on Monday, March 31st. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Genco Shipping & Trading Trading Down 0.5 %

Genco Shipping & Trading stock opened at $12.76 on Tuesday. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $23.43. The stock has a market cap of $548.16 million, a PE ratio of 7.29, a P/E/G ratio of 5.64 and a beta of 0.96. The stock has a 50-day moving average price of $13.30 and a 200 day moving average price of $14.60. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.27). The firm had revenue of $67.95 million for the quarter, compared to analysts’ expectations of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. Equities research analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.20 annualized dividend and a yield of 9.40%. Genco Shipping & Trading’s payout ratio is currently 68.57%.

Insider Buying and Selling

In other news, CAO Joseph Adamo sold 6,226 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $86,914.96. Following the completion of the transaction, the chief accounting officer now owns 26,829 shares of the company’s stock, valued at $374,532.84. This represents a 18.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Peter George Allen sold 8,984 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $125,416.64. Following the transaction, the chief financial officer now owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,812 shares of company stock worth $402,216. 2.50% of the stock is owned by company insiders.

Genco Shipping & Trading Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.