Genco Shipping & Trading Limited (NYSE:GNK) Shares Sold by IndexIQ Advisors LLC

IndexIQ Advisors LLC reduced its position in shares of Genco Shipping & Trading Limited (NYSE:GNKGet Rating) by 57.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,721 shares of the shipping company’s stock after selling 24,174 shares during the period. IndexIQ Advisors LLC’s holdings in Genco Shipping & Trading were worth $419,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in GNK. Victory Capital Management Inc. raised its position in shares of Genco Shipping & Trading by 1,177.9% during the 1st quarter. Victory Capital Management Inc. now owns 441,690 shares of the shipping company’s stock valued at $9,730,000 after acquiring an additional 407,125 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at approximately $5,317,000. Cubist Systematic Strategies LLC raised its position in shares of Genco Shipping & Trading by 1,275.7% during the 4th quarter. Cubist Systematic Strategies LLC now owns 244,687 shares of the shipping company’s stock valued at $3,915,000 after acquiring an additional 226,901 shares in the last quarter. Wexford Capital LP acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at approximately $3,455,000. Finally, Gratus Capital LLC acquired a new stake in shares of Genco Shipping & Trading during the 1st quarter valued at approximately $4,607,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Genco Shipping & Trading

In related news, CEO John C. Wobensmith sold 45,000 shares of the firm’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $25.15, for a total transaction of $1,131,750.00. Following the completion of the transaction, the chief executive officer now owns 399,099 shares of the company’s stock, valued at $10,037,339.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO John C. Wobensmith sold 100,000 shares of the firm’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $25.14, for a total transaction of $2,514,000.00. Following the completion of the transaction, the chief executive officer now owns 399,099 shares of the company’s stock, valued at $10,033,348.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John C. Wobensmith sold 45,000 shares of the firm’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $25.15, for a total value of $1,131,750.00. Following the transaction, the chief executive officer now directly owns 399,099 shares of the company’s stock, valued at approximately $10,037,339.85. The disclosure for this sale can be found here. Over the last quarter, insiders sold 148,500 shares of company stock valued at $3,732,515. 2.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

GNK has been the topic of several analyst reports. Alliance Global Partners initiated coverage on Genco Shipping & Trading in a research report on Wednesday. They issued a “buy” rating and a $29.00 target price on the stock. Jefferies Financial Group initiated coverage on Genco Shipping & Trading in a research report on Wednesday, July 20th. They issued a “buy” rating and a $25.00 target price on the stock. B. Riley increased their target price on Genco Shipping & Trading from $27.00 to $31.00 in a research report on Friday, May 6th. Clarkson Capital reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a research report on Tuesday, June 14th. Finally, StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Friday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.20.

Genco Shipping & Trading Trading Down 0.3 %

NYSE:GNK opened at $17.45 on Friday. Genco Shipping & Trading Limited has a 1 year low of $13.21 and a 1 year high of $27.15. The stock has a market cap of $737.79 million, a price-to-earnings ratio of 3.15 and a beta of 0.90. The business has a fifty day moving average of $19.94 and a 200-day moving average of $20.45. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.16 and a current ratio of 2.78.

Genco Shipping & Trading (NYSE:GNKGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The shipping company reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.01). Genco Shipping & Trading had a return on equity of 26.38% and a net margin of 38.70%. The business had revenue of $97.76 million during the quarter, compared to the consensus estimate of $95.11 million. Equities analysts predict that Genco Shipping & Trading Limited will post 4.62 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 16th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, August 15th. This represents a $2.00 annualized dividend and a dividend yield of 11.46%. Genco Shipping & Trading’s payout ratio is 57.04%.

Genco Shipping & Trading Profile

(Get Rating)

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to 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.

See Also

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

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