Dark Forest Capital Management LP Buys New Shares in Genco Shipping & Trading Limited (NYSE:GNK)

Dark Forest Capital Management LP acquired a new position in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 36,210 shares of the shipping company's stock, valued at approximately $505,000. Dark Forest Capital Management LP owned about 0.08% of Genco Shipping & Trading at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of GNK. Dimensional Fund Advisors LP boosted its holdings in shares of Genco Shipping & Trading by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company's stock worth $39,572,000 after buying an additional 10,193 shares during the period. American Century Companies Inc. increased its stake in shares of 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 purchasing an additional 111,564 shares during the period. Townsend & Associates Inc boosted its stake in 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 valued at $15,318,000 after purchasing an additional 23,101 shares during the period. Geode Capital Management LLC grew its holdings in Genco Shipping & Trading by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 990,357 shares of the shipping company's stock valued at $13,809,000 after buying an additional 10,260 shares in the last quarter. Finally, Royce & Associates LP lifted its holdings in shares of Genco Shipping & Trading by 23.9% during the fourth quarter. Royce & Associates LP now owns 597,860 shares of the shipping company's stock worth $8,334,000 after buying an additional 115,173 shares in the last quarter. 58.62% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Jefferies Financial Group decreased their price target on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. Pareto Securities raised shares of Genco Shipping & Trading to a "strong-buy" rating in a report on Monday, March 31st. Two investment 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $23.00.

Genco Shipping & Trading Price Performance

GNK stock traded up $0.22 during mid-day trading on Friday, hitting $13.58. The stock had a trading volume of 149,336 shares, compared to its average volume of 555,750. The firm has a fifty day simple moving average of $13.23 and a 200 day simple moving average of $14.55. The firm has a market capitalization of $583.17 million, a P/E ratio of 7.77, a P/E/G ratio of 5.64 and a beta of 0.96. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $23.43.

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

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 8.84%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading's payout ratio is 68.57%.

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 dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $125,416.64. Following the sale, the chief financial officer now owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jesper Christensen sold 13,602 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $189,883.92. Following the transaction, the insider now owns 57,322 shares of the company's stock, valued at $800,215.12. This trade represents a 19.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,812 shares of company stock worth $402,216 over the last quarter. Corporate insiders own 2.50% of the company's stock.

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.