Algert Global LLC Sells 231,063 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Algert Global LLC cut its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 61.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 142,070 shares of the shipping company's stock after selling 231,063 shares during the quarter. Algert Global LLC owned 0.33% of Genco Shipping & Trading worth $1,980,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. R Squared Ltd bought a new position in Genco Shipping & Trading during the 4th quarter worth $29,000. New Age Alpha Advisors LLC acquired a new position in Genco Shipping & Trading in the fourth quarter valued at about $56,000. Mariner LLC bought a new stake in Genco Shipping & Trading during the fourth quarter worth about $147,000. Nisa Investment Advisors LLC grew its stake in Genco Shipping & Trading by 830.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,033 shares of the shipping company's stock worth $154,000 after buying an additional 9,847 shares in the last quarter. Finally, AXQ Capital LP acquired a new stake in Genco Shipping & Trading during the fourth quarter worth about $162,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GNK has been the topic of several analyst reports. Dnb Nor Markets upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a research report on Thursday, May 1st. Pareto Securities upgraded Genco Shipping & Trading to a "strong-buy" rating in a research report on Monday, March 31st. Jefferies Financial Group reissued a "buy" rating and set a $17.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, May 8th. Finally, StockNews.com downgraded shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.75.

Genco Shipping & Trading Trading Down 0.4%

Shares of NYSE:GNK traded down $0.06 during midday trading on Wednesday, hitting $14.50. 183,407 shares of the stock were exchanged, compared to its average volume of 550,887. The business's 50-day moving average price is $13.15 and its 200 day moving average price is $14.39. Genco Shipping & Trading Limited has a 12 month low of $11.20 and a 12 month high of $23.39. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The stock has a market capitalization of $622.91 million, a price-to-earnings ratio of 8.29, a P/E/G ratio of 5.64 and a beta of 1.17.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The shipping company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.02). The company had revenue of $41.64 million during the quarter, compared to analyst estimates of $43.49 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The business's revenue for the quarter was down 39.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.49 earnings per share. Analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 8.28%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading's dividend payout ratio (DPR) is presently 57.69%.

Insider Activity

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 shares of the firm's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the completion of the sale, the chief accounting officer now directly owns 26,829 shares in the company, valued at approximately $374,532.84. This trade represents a 18.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Peter George Allen sold 8,984 shares of Genco Shipping & Trading stock in a transaction 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 trade represents a 16.56% 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 valued at $402,216 in the last ninety days. 2.37% of the stock is owned by company insiders.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.