Bridgeway Capital Management LLC Has $6.08 Million Stock Position in Genco Shipping & Trading Limited $GNK

Key Points

• Bridgeway Capital Management LLC sold 44,460 shares of Genco Shipping & Trading, reducing its holdings by 8.9% to 455,301 shares worth approximately $6.08 million.
• The company reported a quarterly earnings loss of ($0.14) per share, surpassing estimates, but its revenue decreased by 24.4% year-over-year to $46.90 million.
• Genco recently cut its dividend to $0.15 per share, resulting in a payout ratio of 176.47%, signaling potential financial strain.

Bridgeway Capital Management LLC trimmed its position in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 8.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 455,301 shares of the shipping company's stock after selling 44,460 shares during the quarter. Bridgeway Capital Management LLC owned approximately 1.06% of Genco Shipping & Trading worth $6,083,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the business. Summit Securities Group LLC acquired a new stake in shares of Genco Shipping & Trading during the 1st quarter worth about $39,000. GAMMA Investing LLC boosted its stake in shares of Genco Shipping & Trading by 1,119.1% in the first quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company's stock valued at $60,000 after buying an additional 4,096 shares in the last quarter. Amundi raised its holdings in Genco Shipping & Trading by 29.0% during the first quarter. Amundi now owns 8,000 shares of the shipping company's stock worth $101,000 after purchasing an additional 1,800 shares during the last quarter. State of Wyoming raised its holdings in Genco Shipping & Trading by 34.7% during the first quarter. State of Wyoming now owns 8,088 shares of the shipping company's stock worth $108,000 after purchasing an additional 2,083 shares during the last quarter. Finally, Randolph Co Inc acquired a new position in Genco Shipping & Trading during the first quarter worth $134,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GNK. 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 restated a "buy" rating and set a $19.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $18.00.

Genco Shipping & Trading Price Performance

Shares of GNK traded down $0.25 during midday trading on Wednesday, reaching $17.71. The stock had a trading volume of 189,932 shares, compared to its average volume of 673,776. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20. The company has a market capitalization of $760.82 million, a P/E ratio of 52.12 and a beta of 1.22. The firm's 50 day moving average price is $16.01 and its 200-day moving average price is $14.29. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $19.51.

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 for the quarter, beating 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 for the quarter, compared to the consensus estimate of $50.19 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. Genco Shipping & Trading's revenue for the quarter was down 24.4% compared to the same quarter last year. On average, analysts forecast that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 18th were given a dividend of $0.15 per share. The ex-dividend date was Monday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 3.4%. 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.