Walleye Capital LLC Takes Position in Genco Shipping & Trading Limited (NYSE:GNK)

Walleye Capital LLC purchased a new position in Genco Shipping & Trading Limited (NYSE:GNK) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 14,986 shares of the shipping company’s stock, valued at approximately $209,000.

Several other large investors have also added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new position in shares of Genco Shipping & Trading in the 4th quarter worth approximately $332,000. JPMorgan Chase & Co. lifted its position in Genco Shipping & Trading by 155.0% during the third 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 period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Genco Shipping & Trading by 51.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,355 shares of the shipping company’s stock valued at $911,000 after buying an additional 22,316 shares in the last quarter. Barclays PLC grew its position in shares of Genco Shipping & Trading by 499.7% in the 3rd quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock worth $2,016,000 after buying an additional 86,147 shares during the period. Finally, Townsend & Associates Inc increased its stake in shares of Genco Shipping & Trading by 2.2% in the 4th quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock worth $15,318,000 after acquiring an additional 23,101 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

Insider Buying and Selling at Genco Shipping & Trading

In other Genco Shipping & Trading news, CFO Peter George Allen sold 8,984 shares of the company’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 transaction of $125,416.64. Following the completion of the sale, the chief financial officer now directly owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. This represents a 16.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading 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 transaction, the insider now owns 57,322 shares in the company, valued at $800,215.12. This represents a 19.18 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,812 shares of company stock worth $402,216. Insiders own 2.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group cut 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 report on Thursday, February 20th. Pareto Securities raised Genco Shipping & Trading to a “strong-buy” rating in a research report on Monday, March 31st. Two 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Genco Shipping & Trading Price Performance

Shares of GNK opened at $12.86 on Friday. The company has a market capitalization of $552.24 million, a P/E ratio of 7.35, a price-to-earnings-growth ratio of 5.64 and a beta of 0.96. Genco Shipping & Trading Limited has a twelve month low of $11.20 and a twelve month high of $23.43. 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 firm has a 50 day moving average of $13.33 and a 200 day moving average of $14.66.

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

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 9.33%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 68.57%.

About Genco Shipping & Trading

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.