Algert Global LLC Trims Holdings in 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 lowered its position in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 68.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 45,270 shares of the shipping company's stock after selling 96,800 shares during the quarter. Algert Global LLC owned about 0.11% of Genco Shipping & Trading worth $605,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. American Century Companies Inc. grew its holdings in shares of Genco Shipping & Trading by 7.4% during the 1st quarter. American Century Companies Inc. now owns 1,462,880 shares of the shipping company's stock worth $19,544,000 after purchasing an additional 101,283 shares during the period. Nuveen LLC purchased a new stake in shares of Genco Shipping & Trading during the 1st quarter worth about $1,282,000. Invesco Ltd. grew its holdings in shares of Genco Shipping & Trading by 1.5% during the 1st quarter. Invesco Ltd. now owns 129,232 shares of the shipping company's stock worth $1,727,000 after purchasing an additional 1,906 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Genco Shipping & Trading by 0.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 478,411 shares of the shipping company's stock worth $6,392,000 after purchasing an additional 3,764 shares during the period. Finally, Raiffeisen Bank International AG grew its holdings in shares of Genco Shipping & Trading by 39.6% during the 1st quarter. Raiffeisen Bank International AG now owns 59,681 shares of the shipping company's stock worth $797,000 after purchasing an additional 16,931 shares during the period. Hedge funds and other institutional investors own 58.62% of the company's stock.

Wall Street Analyst Weigh In

GNK has been the subject of a number of research reports. Wall Street Zen cut Genco Shipping & Trading from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Jefferies Financial Group reiterated a "buy" rating and set a $19.00 target price on shares of Genco Shipping & Trading in a report on Thursday, August 7th. Finally, Dnb Nor Markets upgraded Genco Shipping & Trading to a "strong-buy" rating in a report on Thursday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Genco Shipping & Trading has a consensus rating of "Buy" and an average target price of $19.33.

Genco Shipping & Trading Stock Up 0.6%

NYSE GNK traded up $0.11 on Thursday, reaching $17.14. The company had a trading volume of 182,922 shares, compared to its average volume of 679,838. The firm has a market capitalization of $736.32 million, a PE ratio of 50.38 and a beta of 1.19. Genco Shipping & Trading Limited has a 1 year low of $11.20 and a 1 year high of $19.51. The firm has a 50-day moving average of $15.27 and a 200-day moving average of $14.12. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20.

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

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 18th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Monday, August 18th. Genco Shipping & Trading's dividend payout ratio is 176.47%.

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.