TrueMark Investments LLC Sells 19,577 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

TrueMark Investments LLC decreased its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 46.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,904 shares of the shipping company’s stock after selling 19,577 shares during the period. TrueMark Investments LLC owned approximately 0.05% of Genco Shipping & Trading worth $319,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. R Squared Ltd bought a new stake in Genco Shipping & Trading in the 4th quarter valued at approximately $29,000. Quarry LP lifted its position in shares of Genco Shipping & Trading by 535.8% in the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock worth $83,000 after purchasing an additional 3,595 shares in the last quarter. Intech Investment Management LLC acquired a new position in Genco Shipping & Trading during the third quarter worth $202,000. Nisa Investment Advisors LLC grew its position in Genco Shipping & Trading by 830.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,033 shares of the shipping company’s stock valued at $154,000 after purchasing an additional 9,847 shares in the last quarter. Finally, AXQ Capital LP bought a new position in Genco Shipping & Trading in the fourth quarter valued at $162,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Stock Down 0.5 %

Shares of GNK stock opened at $13.40 on Thursday. Genco Shipping & Trading Limited has a 52-week low of $13.14 and a 52-week high of $23.43. The stock has a market cap of $572.79 million, a price-to-earnings ratio of 7.65, a PEG ratio of 5.64 and a beta of 0.99. The firm’s 50-day moving average is $14.22 and its 200-day moving average is $15.56. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09.

Genco Shipping & Trading (NYSE:GNK) last released 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 business had revenue of $67.95 million during the quarter, compared to the consensus estimate of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. Sell-side analysts predict that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a yield of 8.96%. Genco Shipping & Trading’s dividend payout ratio (DPR) is 68.57%.

Insider Buying and Selling at Genco Shipping & Trading

In other 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 transaction of $189,883.92. Following the completion of the sale, the insider now owns 57,322 shares in the company, valued at $800,215.12. The trade was a 19.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Joseph Adamo sold 6,226 shares of the 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 $86,914.96. Following the transaction, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $374,532.84. This trade represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,812 shares of company stock worth $402,216 over the last ninety days. Insiders own 2.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on GNK. Jefferies Financial Group reduced their price objective on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Genco Shipping & Trading Company 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.