Renaissance Technologies LLC Has $12.87 Million Position in Genco Shipping & Trading Limited (NYSE:GNK)

Renaissance Technologies LLC trimmed its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 11.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 923,074 shares of the shipping company’s stock after selling 116,730 shares during the period. Renaissance Technologies LLC owned about 2.16% of Genco Shipping & Trading worth $12,868,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Teacher Retirement System of Texas acquired a new position in Genco Shipping & Trading during the fourth quarter valued at approximately $3,692,000. JPMorgan Chase & Co. boosted its holdings in shares of Genco Shipping & Trading by 155.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after buying an additional 173,270 shares during the last quarter. Royce & Associates LP grew its stake in shares of Genco Shipping & Trading by 23.9% in the fourth quarter. Royce & Associates LP now owns 597,860 shares of the shipping company’s stock valued at $8,334,000 after buying an additional 115,173 shares in the last quarter. American Century Companies Inc. increased its holdings in Genco Shipping & Trading by 8.9% during the fourth 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 last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in 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 worth $2,771,000 after acquiring an additional 88,538 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Insider Buying and Selling at Genco Shipping & Trading

In other news, insider Jesper Christensen sold 13,602 shares of the stock in a transaction 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 sale, the insider now directly owns 57,322 shares of the company’s stock, valued at approximately $800,215.12. This represents a 19.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Peter George Allen sold 8,984 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $125,416.64. Following the completion of the transaction, the chief financial officer now directly owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. This trade represents a 16.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,812 shares of company stock valued at $402,216 in the last quarter. Company insiders own 2.50% of the company’s stock.

Analyst Ratings Changes

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

Genco Shipping & Trading Trading Down 2.2 %

Shares of GNK stock opened at $12.51 on Wednesday. Genco Shipping & Trading Limited has a 12-month low of $11.20 and a 12-month high of $23.43. The firm has a 50 day moving average price of $13.65 and a two-hundred day moving average price of $15.00. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $534.69 million, a PE ratio of 7.15, a price-to-earnings-growth ratio of 5.64 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results 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 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%. As a group, analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 9.60%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 68.57%.

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.