Genco Shipping & Trading Limited $GNK Shares Bought by Ieq Capital LLC

Key Points

• Ieq Capital LLC increased its stake in Genco Shipping & Trading by 88.5% after purchasing an additional 15,583 shares, bringing its total to 33,185 shares valued at approximately $443,000.
• Genco Shipping & Trading recently reported a net margin of 4.40% and a decline in revenue of 24.4% year-over-year, with revenue for the quarter at $46.90 million.
• The company announced a quarterly dividend of $0.15, leading to a dividend yield of 3.4%, despite having a high dividend payout ratio of 176.47%.

Ieq Capital LLC boosted its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 88.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 33,185 shares of the shipping company's stock after purchasing an additional 15,583 shares during the period. Ieq Capital LLC owned approximately 0.08% of Genco Shipping & Trading worth $443,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. boosted its holdings 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 valued at $19,544,000 after acquiring an additional 101,283 shares in the last quarter. Townsend & Associates Inc boosted its holdings 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 valued at $15,484,000 after acquiring an additional 190,000 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings 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 valued at $6,392,000 after acquiring an additional 3,764 shares in the last quarter. Northern Trust Corp boosted its holdings 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 valued at $5,225,000 after acquiring an additional 15,924 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in shares of Genco Shipping & Trading in the first quarter valued at about $4,921,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK traded up $0.01 during midday trading on Wednesday, hitting $17.97. The company had a trading volume of 638,917 shares, compared to its average volume of 532,919. 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 Limited has a twelve month low of $11.20 and a twelve month high of $19.51. The business has a 50-day simple moving average of $16.09 and a two-hundred day simple moving average of $14.32. The firm has a market capitalization of $771.86 million, a price-to-earnings ratio of 52.84 and a beta of 1.22.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The shipping company reported ($0.14) EPS for the quarter, beating 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 business earned $0.46 earnings per share. The business's revenue for the quarter was down 24.4% compared to the same quarter last year. Equities research analysts anticipate 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 was Monday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 3.3%. Genco Shipping & Trading's payout ratio is presently 176.47%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GNK shares. Wall Street Zen downgraded shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Jefferies Financial Group reaffirmed a "buy" rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $18.00.

Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, insider Jesper Christensen sold 34,202 shares of Genco Shipping & Trading 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 completion of the transaction, the insider owned 69,363 shares in the company, valued at approximately $1,252,695.78. The trade was a 33.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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.