Genco Shipping & Trading Limited $GNK Shares Sold by Trexquant Investment LP

Key Points

• Trexquant Investment LP significantly reduced its stake in Genco Shipping & Trading by 88.7%, now holding 19,327 shares valued at $258,000 after selling 152,174 shares in the first quarter.
• Genco Shipping & Trading reported a quarterly loss of ($0.14) EPS, slightly beating expectations, but experiencing a 24.4% decline in year-over-year revenue.
• The company cut its dividend to $0.15 per share, leading to a dividend payout ratio of 176.47%, raising concerns about its sustainability amidst decreasing earnings.

Trexquant Investment LP lessened its position in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 88.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,327 shares of the shipping company's stock after selling 152,174 shares during the quarter. Trexquant Investment LP's holdings in Genco Shipping & Trading were worth $258,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Ieq Capital LLC increased its position in shares of Genco Shipping & Trading by 88.5% during the 1st quarter. Ieq Capital LLC now owns 33,185 shares of the shipping company's stock valued at $443,000 after purchasing an additional 15,583 shares during the last quarter. Summit Securities Group LLC bought a new position in Genco Shipping & Trading in the first quarter worth approximately $39,000. American Century Companies Inc. raised its position in 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 during the period. Nuveen LLC bought a new position in Genco Shipping & Trading in the first quarter worth approximately $1,282,000. Finally, Invesco Ltd. raised its position in Genco Shipping & Trading by 1.5% in the first quarter. Invesco Ltd. now owns 129,232 shares of the shipping company's stock worth $1,727,000 after acquiring an additional 1,906 shares during the period. 58.62% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GNK. Jefferies Financial Group reissued a "buy" rating and issued a $19.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Wall Street Zen cut shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $18.00.

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 document filed with the SEC, which is available at this hyperlink. Company insiders own 2.37% of the company's stock.

Genco Shipping & Trading Trading Up 1.6%

GNK traded up $0.28 on Friday, reaching $18.04. 491,007 shares of the company traded hands, compared to its average volume of 558,769. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $19.51. The firm has a fifty day simple moving average of $16.25 and a two-hundred day simple moving average of $14.37. The company has a market cap of $775.00 million, a P/E ratio of 53.06 and a beta of 1.22. The company has a quick ratio of 1.20, a current ratio of 1.63 and a debt-to-equity ratio of 0.10.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings data 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 net margin of 4.40% and a return on equity of 1.40%. The company had revenue of $46.90 million during the quarter, compared to analyst estimates of $50.19 million. During the same quarter last year, the business posted $0.46 EPS. The firm's revenue for the quarter was down 24.4% on a year-over-year basis. As a group, equities research analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 18th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 3.3%. Genco Shipping & Trading's dividend payout ratio (DPR) is 176.47%.

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.