Genco Shipping & Trading Limited (NYSE:GNK) Stake Reduced by Numerai GP LLC

Numerai GP LLC cut its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 54.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,893 shares of the shipping company’s stock after selling 16,806 shares during the quarter. Numerai GP LLC’s holdings in Genco Shipping & Trading were worth $194,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its position in Genco Shipping & Trading by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company’s stock worth $39,572,000 after acquiring an additional 10,193 shares in the last quarter. American Century Companies Inc. raised its holdings in Genco Shipping & Trading by 8.9% during the 4th quarter. American Century Companies Inc. now owns 1,361,597 shares of the shipping company’s stock worth $18,981,000 after buying an additional 111,564 shares during the period. Townsend & Associates Inc raised its holdings in Genco Shipping & Trading by 2.2% during the 4th quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock worth $15,318,000 after buying an additional 23,101 shares during the period. Geode Capital Management LLC raised its holdings in Genco Shipping & Trading by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 990,357 shares of the shipping company’s stock worth $13,809,000 after buying an additional 10,260 shares during the period. Finally, Royce & Associates LP raised its holdings in Genco Shipping & Trading by 23.9% during the 4th quarter. Royce & Associates LP now owns 597,860 shares of the shipping company’s stock worth $8,334,000 after buying an additional 115,173 shares during the period. 58.62% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. StockNews.com downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Friday, May 9th. Pareto Securities upgraded Genco Shipping & Trading to a “strong-buy” rating in a report on Monday, March 31st. Jefferies Financial Group restated a “buy” rating and set a $17.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, May 8th. Finally, Dnb Nor Markets upgraded Genco Shipping & Trading to a “strong-buy” rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $20.75.

Insider Activity at Genco Shipping & Trading

In related news, insider Jesper Christensen sold 13,602 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $189,883.92. Following the completion of the sale, the insider now owns 57,322 shares of the company’s stock, valued at approximately $800,215.12. The trade was a 19.18% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Joseph Adamo sold 6,226 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the completion of the sale, the chief accounting officer now directly owns 26,829 shares of the company’s stock, valued at approximately $374,532.84. The trade was a 18.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,812 shares of company stock valued at $402,216. 2.37% of the stock is owned by corporate insiders.

Genco Shipping & Trading Price Performance

Shares of GNK opened at $14.20 on Friday. The company has a market capitalization of $609.80 million, a price-to-earnings ratio of 8.11, a P/E/G ratio of 5.64 and a beta of 1.17. Genco Shipping & Trading Limited has a fifty-two week low of $11.20 and a fifty-two week high of $23.39. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The business’s 50-day moving average is $13.18 and its 200-day moving average is $14.37.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, May 7th. The shipping company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). The business had revenue of $41.64 million during the quarter, compared to analyst estimates of $43.49 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. Genco Shipping & Trading’s revenue for the quarter was down 39.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.49 EPS. Equities research analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently declared 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 was Tuesday, March 11th. This represents a $1.20 annualized dividend and a dividend yield of 8.45%. Genco Shipping & Trading’s payout ratio is 57.69%.

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.