Algert Global LLC Sells 96,800 Shares of Genco Shipping & Trading Limited $GNK

Key Points

• Algert Global LLC has reduced its stake in Genco Shipping & Trading by 68.1%, now holding 45,270 shares worth approximately $605,000 after selling 96,800 shares in the first quarter.
• Several institutional investors, including LPL Financial and Barclays PLC, have increased their positions in Genco Shipping, highlighting strong interest from hedge funds, which own 58.62% of the stock.
• Genco Shipping reported a loss of ($0.14) earnings per share for the last quarter, slightly surpassing estimates, while experiencing a 24.4% year-over-year decrease in revenue.

Algert Global LLC cut its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 68.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 45,270 shares of the shipping company's stock after selling 96,800 shares during the period. Algert Global LLC owned about 0.11% of Genco Shipping & Trading worth $605,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Pacer Advisors Inc. purchased a new stake in shares of Genco Shipping & Trading in the 1st quarter worth $4,921,000. Townsend & Associates Inc increased its stake in shares of Genco Shipping & Trading by 17.7% in the 1st quarter. Townsend & Associates Inc now owns 1,261,959 shares of the shipping company's stock worth $15,484,000 after purchasing an additional 190,000 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Genco Shipping & Trading by 629.8% in the 1st quarter. SG Americas Securities LLC now owns 218,067 shares of the shipping company's stock worth $2,913,000 after purchasing an additional 188,186 shares in the last quarter. Barclays PLC increased its stake in shares of Genco Shipping & Trading by 173.3% in the 4th quarter. Barclays PLC now owns 282,603 shares of the shipping company's stock worth $3,940,000 after purchasing an additional 179,216 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its stake in shares of Genco Shipping & Trading by 209.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 157,021 shares of the shipping company's stock worth $2,189,000 after purchasing an additional 106,265 shares in the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on GNK shares. Jefferies Financial Group restated a "buy" rating and issued a $19.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Dnb Nor Markets upgraded Genco Shipping & Trading to a "strong-buy" rating in a research note on Thursday, May 1st. Finally, Wall Street Zen lowered Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Genco Shipping & Trading currently has an average rating of "Buy" and an average target price of $19.33.

Genco Shipping & Trading Price Performance

GNK stock traded down $0.26 during trading on Friday, reaching $16.85. The company's stock had a trading volume of 507,018 shares, compared to its average volume of 583,226. Genco Shipping & Trading Limited has a 1 year low of $11.20 and a 1 year high of $19.51. The company has a quick ratio of 1.20, a current ratio of 1.63 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $724.00 million, a P/E ratio of 49.57 and a beta of 1.19. The company's fifty day moving average is $15.41 and its 200-day moving average is $14.16.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The business had revenue of $46.90 million during the quarter, compared to analyst estimates of $50.19 million. During the same quarter in the prior year, the business posted $0.46 EPS. Genco Shipping & Trading's revenue for the quarter was down 24.4% compared to the same quarter last year. On average, research analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 18th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, August 18th. Genco Shipping & Trading's dividend payout ratio is 176.47%.

Genco Shipping & Trading 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.