Cubist Systematic Strategies LLC Reduces Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Cubist Systematic Strategies LLC reduced its position in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 93.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,022 shares of the shipping company's stock after selling 168,379 shares during the period. Cubist Systematic Strategies LLC's holdings in Genco Shipping & Trading were worth $154,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Barclays PLC lifted its stake in shares of Genco Shipping & Trading by 499.7% in the third quarter. Barclays PLC now owns 103,387 shares of the shipping company's stock worth $2,016,000 after buying an additional 86,147 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Genco Shipping & Trading by 830.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,033 shares of the shipping company's stock valued at $154,000 after acquiring an additional 9,847 shares in the last quarter. SG Americas Securities LLC raised its holdings in Genco Shipping & Trading by 11.8% in the 4th quarter. SG Americas Securities LLC now owns 29,881 shares of the shipping company's stock valued at $417,000 after acquiring an additional 3,142 shares during the last quarter. Inspire Investing LLC lifted its stake in Genco Shipping & Trading by 35.2% in the 4th quarter. Inspire Investing LLC now owns 28,633 shares of the shipping company's stock worth $399,000 after purchasing an additional 7,457 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its holdings in shares of Genco Shipping & Trading by 22.6% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 33,330 shares of the shipping company's stock worth $465,000 after purchasing an additional 6,150 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Dnb Nor Markets upgraded Genco Shipping & Trading to a "strong-buy" rating in a research report on Thursday, May 1st. Wall Street Zen lowered Genco Shipping & Trading from a "hold" rating to a "sell" rating in a report on Wednesday. Jefferies Financial Group reissued a "buy" rating and set a $17.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, May 8th. Finally, Pareto Securities upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a research report on Monday, March 31st. One analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Genco Shipping & Trading currently has an average rating of "Moderate Buy" and an average price target of $20.75.

Genco Shipping & Trading Trading Down 3.3%

Shares of GNK traded down $0.45 during trading on Thursday, reaching $13.06. 939,660 shares of the company traded hands, compared to its average volume of 548,998. The stock has a 50-day simple moving average of $13.17 and a 200-day simple moving average of $14.33. The stock has a market cap of $561.04 million, a PE ratio of 7.46, a price-to-earnings-growth ratio of 5.64 and a beta of 1.17. Genco Shipping & Trading Limited has a twelve month low of $11.20 and a twelve month high of $22.68. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its earnings results on Wednesday, May 7th. The shipping company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.02). The business had revenue of $41.64 million for the quarter, compared to analyst estimates of $43.49 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. Genco Shipping & Trading's quarterly revenue was down 39.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 earnings per share. On average, analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Dividend Announcement

The company also recently announced a dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.15 per share. This represents a dividend yield of 4.28%. The ex-dividend date is Thursday, May 22nd. Genco Shipping & Trading's dividend payout ratio (DPR) is currently 57.69%.

Insider Activity

In other Genco Shipping & Trading news, insider Jesper Christensen sold 13,602 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $189,883.92. Following the completion of the sale, the insider now directly owns 57,322 shares of the company's stock, valued at approximately $800,215.12. This trade represents a 19.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Joseph Adamo sold 6,226 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the completion of the transaction, the chief accounting officer now directly owns 26,829 shares in the company, valued at approximately $374,532.84. The trade was a 18.84% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,812 shares of company stock valued at $402,216. 2.37% of the stock is currently owned by company insiders.

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.