SummerHaven Investment Management LLC Purchases 696 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

SummerHaven Investment Management LLC lifted its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 1.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,061 shares of the shipping company’s stock after acquiring an additional 696 shares during the quarter. SummerHaven Investment Management LLC owned 0.12% of Genco Shipping & Trading worth $880,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Cowen AND Company LLC purchased a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at approximately $11,733,000. American Century Companies Inc. lifted its holdings in Genco Shipping & Trading by 9.1% during the 3rd quarter. American Century Companies Inc. now owns 681,087 shares of the shipping company’s stock worth $9,528,000 after purchasing an additional 56,837 shares in the last quarter. AQR Capital Management LLC boosted its stake in Genco Shipping & Trading by 78.4% in the 3rd quarter. AQR Capital Management LLC now owns 612,440 shares of the shipping company’s stock worth $8,568,000 after purchasing an additional 269,138 shares during the period. Townsend & Associates Inc lifted its holdings in shares of Genco Shipping & Trading by 15.9% in the third quarter. Townsend & Associates Inc now owns 610,192 shares of the shipping company’s stock worth $8,024,000 after buying an additional 83,616 shares in the last quarter. Finally, Gratus Capital LLC boosted its position in shares of Genco Shipping & Trading by 1.4% in the third quarter. Gratus Capital LLC now owns 467,302 shares of the shipping company’s stock valued at $6,538,000 after acquiring an additional 6,396 shares during the period. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK traded down $0.19 during midday trading on Monday, reaching $21.36. The company had a trading volume of 150,554 shares, compared to its average volume of 706,026. The company has a current ratio of 4.46, a quick ratio of 3.70 and a debt-to-equity ratio of 0.21. Genco Shipping & Trading Limited has a one year low of $12.39 and a one year high of $21.61. The firm’s fifty day moving average price is $20.26 and its 200-day moving average price is $17.22.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, February 21st. The shipping company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The firm had revenue of $115.50 million for the quarter, compared to analyst estimates of $72.54 million. During the same quarter in the previous year, the firm posted $0.67 EPS. The company’s revenue for the quarter was down 9.1% compared to the same quarter last year. Equities analysts predict that Genco Shipping & Trading Limited will post 1.93 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, March 6th were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $1.64 annualized dividend and a dividend yield of 7.68%. Genco Shipping & Trading’s payout ratio is currently -529.03%.

Insider Buying and Selling

In related news, insider Jesper Christensen sold 12,404 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $245,599.20. Following the completion of the sale, the insider now owns 42,587 shares of the company’s stock, valued at $843,222.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Jesper Christensen sold 12,404 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $245,599.20. Following the transaction, the insider now owns 42,587 shares in the company, valued at approximately $843,222.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Joseph Adamo sold 6,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.87, for a total value of $119,220.00. Following the transaction, the chief accounting officer now directly owns 17,202 shares of the company’s stock, valued at $341,803.74. The disclosure for this sale can be found here. Insiders have sold a total of 62,496 shares of company stock valued at $1,238,678 over the last ninety days. Company insiders own 2.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. TheStreet raised shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Thursday, February 22nd. Stifel Nicolaus raised their target price on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, April 19th. StockNews.com cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Finally, BTIG Research restated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $21.00.

Genco Shipping & Trading Profile

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