Dynamic Technology Lab Private Ltd Sells 18,177 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Dynamic Technology Lab Private Ltd cut its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 61.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,188 shares of the shipping company’s stock after selling 18,177 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Genco Shipping & Trading were worth $156,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of GNK. Wells Fargo & Company MN lifted its position in shares of Genco Shipping & Trading by 1.8% during the fourth quarter. Wells Fargo & Company MN now owns 57,506 shares of the shipping company’s stock valued at $802,000 after purchasing an additional 1,040 shares in the last quarter. Foundry Partners LLC boosted its stake in shares of Genco Shipping & Trading by 8.6% in the 4th quarter. Foundry Partners LLC now owns 365,255 shares of the shipping company’s stock worth $5,092,000 after buying an additional 28,795 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Genco Shipping & Trading by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 990,357 shares of the shipping company’s stock valued at $13,809,000 after acquiring an additional 10,260 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Genco Shipping & Trading by 80.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 198,764 shares of the shipping company’s stock valued at $2,771,000 after acquiring an additional 88,538 shares during the last quarter. Finally, New Age Alpha Advisors LLC bought a new stake in Genco Shipping & Trading during the fourth quarter worth $56,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Jefferies Financial Group lowered their price objective on shares of 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. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, Pareto Securities upgraded shares of Genco Shipping & Trading to a “strong-buy” rating in a research note on Monday, March 31st. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $23.00.

Insider Transactions at Genco Shipping & Trading

In related news, insider Jesper Christensen sold 13,602 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $189,883.92. Following the completion of the transaction, the insider now directly owns 57,322 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Joseph Adamo sold 6,226 shares of the stock in a transaction 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 transaction, the chief accounting officer now directly owns 26,829 shares in the company, valued at approximately $374,532.84. This represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,812 shares of company stock valued at $402,216. 2.50% of the stock is owned by corporate insiders.

Genco Shipping & Trading Price Performance

GNK stock opened at $13.19 on Friday. The firm has a 50 day moving average of $13.73 and a 200-day moving average of $15.09. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $563.98 million, a P/E ratio of 7.54, a price-to-earnings-growth ratio of 5.64 and a beta of 0.96. Genco Shipping & Trading Limited has a 12 month low of $11.20 and a 12 month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.27). The firm had revenue of $67.95 million during the quarter, compared to the consensus estimate of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. As a group, sell-side 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 declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were given a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.10%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 68.57%.

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.