Geode Capital Management LLC Boosts Stake in Genco Shipping & Trading Limited (NYSE:GNK)

Geode Capital Management LLC lifted its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 25.5% during the first quarter, Holdings Channel reports. The institutional investor owned 416,328 shares of the shipping company’s stock after purchasing an additional 84,645 shares during the quarter. Geode Capital Management LLC’s holdings in Genco Shipping & Trading were worth $4,196,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in Genco Shipping & Trading by 19.4% during the fourth quarter. JPMorgan Chase & Co. now owns 7,614 shares of the shipping company’s stock worth $56,000 after purchasing an additional 1,236 shares during the last quarter. Citigroup Inc. raised its holdings in Genco Shipping & Trading by 21.5% during the fourth quarter. Citigroup Inc. now owns 17,839 shares of the shipping company’s stock worth $131,000 after purchasing an additional 3,155 shares during the last quarter. Tudor Investment Corp Et Al raised its holdings in Genco Shipping & Trading by 29.0% during the fourth quarter. Tudor Investment Corp Et Al now owns 14,529 shares of the shipping company’s stock worth $107,000 after purchasing an additional 3,266 shares during the last quarter. Rhumbline Advisers raised its holdings in Genco Shipping & Trading by 15.9% during the fourth quarter. Rhumbline Advisers now owns 26,205 shares of the shipping company’s stock worth $193,000 after purchasing an additional 3,600 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its holdings in Genco Shipping & Trading by 95.0% during the first quarter. BNP Paribas Arbitrage SA now owns 8,214 shares of the shipping company’s stock worth $83,000 after purchasing an additional 4,002 shares during the last quarter. Hedge funds and other institutional investors own 64.88% of the company’s stock.

In related news, insider Robert E. Hughes sold 2,200 shares of the company’s stock in a transaction on Monday, May 10th. The stock was sold at an average price of $16.33, for a total value of $35,926.00. Following the completion of the transaction, the insider now directly owns 9,848 shares in the company, valued at $160,817.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Cayman Gp Ltd. Ccp II sold 250,000 shares of the company’s stock in a transaction on Monday, May 24th. The shares were sold at an average price of $16.95, for a total value of $4,237,500.00. The disclosure for this sale can be found here. Insiders sold 1,567,578 shares of company stock valued at $25,545,137 over the last quarter. Insiders own 2.07% of the company’s stock.

NYSE GNK opened at $17.44 on Thursday. Genco Shipping & Trading Limited has a fifty-two week low of $5.91 and a fifty-two week high of $20.61. The firm has a market capitalization of $730.95 million, a PE ratio of -7.12 and a beta of 1.03. The business has a fifty day moving average of $17.30. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.06 and a current ratio of 2.31.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, May 5th. The shipping company reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.03. The company had revenue of $52.52 million during the quarter, compared to analysts’ expectations of $47.67 million. Genco Shipping & Trading had a negative return on equity of 0.64% and a negative net margin of 29.94%. As a group, analysts forecast that Genco Shipping & Trading Limited will post 2.49 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 25th. Investors of record on Monday, May 17th were paid a $0.05 dividend. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.02. This represents a $0.20 annualized dividend and a yield of 1.15%. The ex-dividend date was Friday, May 14th. Genco Shipping & Trading’s dividend payout ratio is presently -57.14%.

GNK has been the subject of several research reports. Jefferies Financial Group lifted their price objective on Genco Shipping & Trading from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, June 30th. B. Riley lifted their price objective on Genco Shipping & Trading from $14.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, May 7th. TheStreet raised Genco Shipping & Trading from a “d” rating to a “c-” rating in a report on Friday, May 28th. Zacks Investment Research cut Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, Noble Financial reissued a “buy” rating and issued a $16.00 price target on shares of Genco Shipping & Trading in a report on Wednesday, April 21st. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Genco Shipping & Trading presently has a consensus rating of “Buy” and a consensus price target of $39.82.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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Institutional Ownership by Quarter for Genco Shipping & Trading (NYSE:GNK)

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