Genco Shipping & Trading Limited $GNK Shares Sold by Townsend & Associates Inc

Key Points

• Townsend & Associates Inc reduced its holdings in Genco Shipping & Trading by 1.3%, owning 1,245,080 shares after selling 16,879 shares in the second quarter.
• Genco Shipping & Trading reported an EPS of ($0.14) for the last quarter, surpassing analysts' expectations, but revenue fell 24.4% year-over-year.
• The company announced a quarterly dividend of $0.15 per share, resulting in a high dividend payout ratio of 176.47%.

Townsend & Associates Inc cut its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 1.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,245,080 shares of the shipping company's stock after selling 16,879 shares during the period. Genco Shipping & Trading makes up about 1.6% of Townsend & Associates Inc's investment portfolio, making the stock its 21st largest holding. Townsend & Associates Inc owned about 2.90% of Genco Shipping & Trading worth $16,273,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Signaturefd LLC boosted its position in Genco Shipping & Trading by 239.0% during the 2nd quarter. Signaturefd LLC now owns 2,549 shares of the shipping company's stock worth $33,000 after acquiring an additional 1,797 shares during the period. Summit Securities Group LLC acquired a new position in shares of Genco Shipping & Trading during the first quarter valued at $39,000. Farther Finance Advisors LLC raised its stake in shares of Genco Shipping & Trading by 303.3% during the second quarter. Farther Finance Advisors LLC now owns 3,275 shares of the shipping company's stock valued at $43,000 after purchasing an additional 2,463 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Genco Shipping & Trading by 1,119.1% during the first quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company's stock valued at $60,000 after purchasing an additional 4,096 shares in the last quarter. Finally, Amundi lifted its holdings in Genco Shipping & Trading by 29.0% in 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 period. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Price Performance

Shares of Genco Shipping & Trading stock opened at $16.24 on Monday. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $19.60. The company has a current ratio of 1.63, a quick ratio of 1.20 and a debt-to-equity ratio of 0.10. The company's 50-day moving average price is $17.26 and its two-hundred day moving average price is $15.03. The stock has a market cap of $697.67 million, a PE ratio of 47.76 and a beta of 1.22.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its earnings results on Wednesday, August 6th. The shipping company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The business had revenue of $46.90 million for the quarter, compared to the consensus estimate of $50.19 million. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The business's revenue for the quarter was down 24.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 EPS. As a group, sell-side analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS 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. Stockholders 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 dividend yield of 3.7%. Genco Shipping & Trading's dividend payout ratio (DPR) is currently 176.47%.

Analysts Set New Price Targets

Several research firms have commented on GNK. Weiss Ratings reissued a "hold (c)" rating on shares of Genco Shipping & Trading in a research note on Wednesday, October 8th. SEB Equity Research set a $23.00 price objective on shares of Genco Shipping & Trading in a report on Friday, September 26th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $19.00 price objective 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 two have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $19.67.

Insider Activity

In other news, insider Jesper Christensen sold 34,202 shares of the business's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $18.06, for a total transaction of $617,688.12. Following the sale, the insider directly owned 69,363 shares of the company's stock, valued at $1,252,695.78. The trade was a 33.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.08% of the stock is owned by insiders.

Genco Shipping & Trading Company 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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