Genco Shipping & Trading Limited $GNK Shares Purchased by Focus Partners Wealth

Key Points

• Focus Partners Wealth increased its holdings in Genco Shipping & Trading by 15.3% in Q1, now owning 798,520 shares worth approximately $10.67 million.
• Several large investors, including MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. and American Century Companies Inc., significantly boosted their positions in Genco Shipping, indicating strong institutional interest.
• Genco Shipping recently faced a quarterly loss of ($0.14) per share, slightly beating analysts' estimates but showing a 24.4% year-over-year drop in revenue.

Focus Partners Wealth grew its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 15.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 798,520 shares of the shipping company's stock after buying an additional 106,222 shares during the quarter. Focus Partners Wealth owned 1.86% of Genco Shipping & Trading worth $10,668,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Genco Shipping & Trading by 6,887.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,676,967 shares of the shipping company's stock worth $22,404,000 after acquiring an additional 1,652,966 shares in the last quarter. American Century Companies Inc. increased its position in shares of Genco Shipping & Trading by 7.4% in the first quarter. American Century Companies Inc. now owns 1,462,880 shares of the shipping company's stock worth $19,544,000 after acquiring an additional 101,283 shares in the last quarter. Townsend & Associates Inc increased its position in shares of Genco Shipping & Trading by 17.7% in the first quarter. Townsend & Associates Inc now owns 1,261,959 shares of the shipping company's stock worth $15,484,000 after acquiring an additional 190,000 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Genco Shipping & Trading by 0.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 478,411 shares of the shipping company's stock worth $6,392,000 after acquiring an additional 3,764 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Genco Shipping & Trading by 4.4% in the fourth quarter. Northern Trust Corp now owns 374,832 shares of the shipping company's stock worth $5,225,000 after acquiring an additional 15,924 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on GNK shares. Wall Street Zen lowered shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Jefferies Financial Group restated a "buy" rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $18.00.

Genco Shipping & Trading Trading Up 1.6%

NYSE GNK opened at $18.04 on Friday. The company's fifty day moving average price is $16.25 and its two-hundred day moving average price is $14.37. 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 Limited has a 12 month low of $11.20 and a 12 month high of $19.51. The company has a market capitalization of $775.00 million, a price-to-earnings ratio of 53.06 and a beta of 1.22.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted 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 net margin of 4.40% and a return on equity of 1.40%. The company had revenue of $46.90 million for the quarter, compared to the consensus estimate of $50.19 million. During the same period last year, the firm posted $0.46 EPS. The company's revenue for the quarter was down 24.4% on a year-over-year basis. As a group, research analysts predict 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 announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 18th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.60 annualized dividend and a yield of 3.3%. Genco Shipping & Trading's dividend payout ratio (DPR) is presently 176.47%.

Insider Buying and Selling

In other Genco Shipping & Trading news, insider Jesper Christensen sold 34,202 shares of the firm's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $18.06, for a total transaction of $617,688.12. Following the transaction, the insider owned 69,363 shares of the company's stock, valued at approximately $1,252,695.78. This trade represents a 33.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.37% of the company's stock.

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.

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