KLP Kapitalforvaltning AS Trims Stock Position in Genco Shipping & Trading Limited $GNK

Key Points

• KLP Kapitalforvaltning AS significantly reduced its stake in Genco Shipping & Trading by 80.4%, owning 25,000 shares valued at $327,000 after selling 102,500 shares during the 2nd quarter.
• The recent quarterly earnings report revealed a loss of ($0.14) per share, which narrowly beat analysts' estimates, while revenue decreased by 24.4% year-over-year to $46.9 million.
• The company announced a dividend of $0.15 per share, which translates to an annualized yield of 3.7%, but has a high payout ratio of 176.47%.

KLP Kapitalforvaltning AS lessened its position in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 80.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,000 shares of the shipping company's stock after selling 102,500 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.06% of Genco Shipping & Trading worth $327,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Signaturefd LLC raised its position in shares of Genco Shipping & Trading by 239.0% during the 2nd quarter. Signaturefd LLC now owns 2,549 shares of the shipping company's stock valued at $33,000 after buying an additional 1,797 shares during the period. Accurate Wealth Management LLC raised its position in shares of Genco Shipping & Trading by 9.5% during the 2nd quarter. Accurate Wealth Management LLC now owns 67,798 shares of the shipping company's stock valued at $886,000 after buying an additional 5,892 shares during the period. Farther Finance Advisors LLC raised its position in shares of Genco Shipping & Trading by 303.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,275 shares of the shipping company's stock valued at $43,000 after buying an additional 2,463 shares during the period. Strs Ohio purchased a new stake in shares of Genco Shipping & Trading during the 1st quarter valued at approximately $540,000. Finally, Focus Partners Wealth raised its position in shares of Genco Shipping & Trading by 15.3% during the 1st quarter. Focus Partners Wealth now owns 798,520 shares of the shipping company's stock valued at $10,668,000 after buying an additional 106,222 shares during the period. Hedge funds and other institutional investors own 58.62% of the company's stock.

Genco Shipping & Trading Stock Down 0.3%

Genco Shipping & Trading stock opened at $16.24 on Monday. Genco Shipping & Trading Limited has a twelve month low of $11.20 and a twelve month high of $19.60. The stock's fifty day simple moving average is $17.26 and its 200-day simple moving average is $15.03. 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 firm has a market capitalization of $697.67 million, a P/E ratio of 47.76 and a beta of 1.22.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The business had revenue of $46.90 million for the quarter, compared to analyst estimates of $50.19 million. During the same quarter in the prior year, the company earned $0.46 earnings per share. The company's revenue was down 24.4% on a year-over-year basis. As a group, equities analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 18th were paid 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 dividend yield of 3.7%. Genco Shipping & Trading's payout ratio is presently 176.47%.

Analysts Set New Price Targets

GNK has been the topic of a number of research analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Genco Shipping & Trading in a research report on Wednesday, October 8th. Jefferies Financial Group reissued a "buy" rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, August 7th. Finally, SEB Equity Research set a $23.00 target price on Genco Shipping & Trading in a research report on Friday, September 26th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Genco Shipping & Trading presently has a consensus rating of "Buy" and a consensus price target of $19.67.

Insider Activity at Genco Shipping & Trading

In related news, insider Jesper Christensen sold 34,202 shares of the business'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 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 document filed with the SEC, which is accessible through the SEC website. Insiders own 2.08% of the company's stock.

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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