Focus Partners Wealth Grows Holdings in Genco Shipping & Trading Limited $GNK

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 increased its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 15.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 798,520 shares of the shipping company's stock after purchasing an additional 106,222 shares during the period. Focus Partners Wealth owned 1.86% of Genco Shipping & Trading worth $10,668,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GNK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Genco Shipping & Trading by 6,887.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,676,967 shares of the shipping company's stock valued at $22,404,000 after purchasing an additional 1,652,966 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in Genco Shipping & Trading in the first quarter valued at approximately $4,921,000. Townsend & Associates Inc boosted its stake in 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 valued at $15,484,000 after acquiring an additional 190,000 shares in the last quarter. SG Americas Securities LLC boosted its stake in Genco Shipping & Trading by 629.8% in the first quarter. SG Americas Securities LLC now owns 218,067 shares of the shipping company's stock valued at $2,913,000 after acquiring an additional 188,186 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its stake in Genco Shipping & Trading by 209.4% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 157,021 shares of the shipping company's stock valued at $2,189,000 after acquiring an additional 106,265 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK traded up $0.25 during mid-day trading on Thursday, hitting $18.80. The stock had a trading volume of 426,870 shares, compared to its average volume of 604,076. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.20 and a current ratio of 1.63. The company has a 50 day moving average of $16.60 and a two-hundred day moving average of $14.49. Genco Shipping & Trading Limited has a twelve month low of $11.20 and a twelve month high of $19.51. The firm has a market cap of $807.65 million, a PE ratio of 55.29 and a beta of 1.22.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $46.90 million during the quarter, compared to analysts' expectations of $50.19 million. During the same quarter last year, the company posted $0.46 earnings per share. The firm's revenue was down 24.4% compared to the same quarter last year. Research analysts predict 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. Investors 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 3.2%. The ex-dividend date of this dividend was Monday, August 18th. Genco Shipping & Trading's dividend payout ratio (DPR) is 176.47%.

Insider Activity

In related news, insider Jesper Christensen sold 34,202 shares of the firm's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $18.06, for a total transaction of $617,688.12. Following the completion of the transaction, the insider owned 69,363 shares of the company's stock, valued at $1,252,695.78. This trade represents a 33.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on GNK. 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. Wall Street Zen downgraded shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Two equities 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 company's stock. According to MarketBeat, Genco Shipping & Trading has an average rating of "Buy" and a consensus price target of $18.00.

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.