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

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

Several other large investors have also recently modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in shares of Genco Shipping & Trading by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company's stock valued at $39,572,000 after buying an additional 10,193 shares during the period. American Century Companies Inc. raised its holdings in Genco Shipping & Trading by 8.9% during the 4th 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 last quarter. Townsend & Associates Inc lifted its position in shares of 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 worth $15,318,000 after purchasing an additional 23,101 shares during the period. Geode Capital Management LLC increased its position in shares of Genco Shipping & Trading by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 990,357 shares of the shipping company's stock worth $13,809,000 after buying an additional 10,260 shares during the period. Finally, Royce & Associates LP raised its stake in 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 during the last quarter. Institutional investors own 58.62% of the company's stock.

Genco Shipping & Trading Stock Up 0.3 %

GNK traded up $0.04 during midday trading on Friday, reaching $13.55. 751,501 shares of the company were exchanged, compared to its average volume of 551,805. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year 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 company's fifty day moving average price is $13.15 and its 200 day moving average price is $14.41. The company has a market cap of $582.09 million, a price-to-earnings ratio of 7.74, a price-to-earnings-growth ratio of 5.64 and a beta of 1.17.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The shipping company reported ($0.28) EPS 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 analysts' expectations of $43.49 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The company's quarterly revenue was down 39.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.49 earnings per share. As a group, analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 8.86%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading's payout ratio is 68.57%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Jefferies Financial Group restated a "buy" rating and set a $17.00 target price on shares of Genco Shipping & Trading in a research report on Thursday. Pareto Securities upgraded Genco Shipping & Trading to a "strong-buy" rating in a report on Monday, March 31st. StockNews.com lowered shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research note on Friday. Finally, Dnb Nor Markets raised shares of Genco Shipping & Trading to a "strong-buy" rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Genco Shipping & Trading currently has a consensus rating of "Moderate Buy" and an average price target of $20.75.

Insider Buying and Selling at Genco Shipping & Trading

In other news, CFO Peter George Allen sold 8,984 shares of the firm's stock in a transaction on Monday, February 24th. The stock was 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 $631,703.96. This trade represents a 16.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jesper Christensen sold 13,602 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $189,883.92. Following the completion of the transaction, the insider now directly owns 57,322 shares in the company, 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. In the last 90 days, insiders sold 28,812 shares of company stock worth $402,216. Insiders own 2.37% of the company's stock.

About Genco Shipping & Trading

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.