Quantbot Technologies LP Cuts Position in Genco Shipping & Trading Limited $GNK

Key Points

• Quantbot Technologies LP has reduced its stake in Genco Shipping & Trading Limited by 94%, selling 59,270 shares and holding only 3,775 shares by the end of the first quarter.
• Analysts have given the stock a consensus rating of "Buy", with an average price target of $19.33, although Wall Street Zen has recently downgraded it from "hold" to "sell."
• Genco Shipping experienced a 24.4% drop in revenue year-over-year, reporting earnings of ($0.14) per share, slightly exceeding analyst expectations.

Quantbot Technologies LP cut its position in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 94.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,775 shares of the shipping company's stock after selling 59,270 shares during the quarter. Quantbot Technologies LP's holdings in Genco Shipping & Trading were worth $50,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GNK. Raymond James Financial Inc. purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at approximately $332,000. Mariner LLC bought a new stake in Genco Shipping & Trading during the 4th quarter valued at $147,000. Dimensional Fund Advisors LP lifted its position in shares of Genco Shipping & Trading by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,838,759 shares of the shipping company's stock worth $39,572,000 after acquiring an additional 10,193 shares in the last quarter. MetLife Investment Management LLC lifted its position in shares of Genco Shipping & Trading by 12.3% during the fourth quarter. MetLife Investment Management LLC now owns 27,552 shares of the shipping company's stock worth $384,000 after acquiring an additional 3,015 shares in the last quarter. Finally, Stifel Financial Corp bought a new position in shares of Genco Shipping & Trading in the fourth quarter worth $287,000. Hedge funds and other institutional investors own 58.62% of the company's stock.

Genco Shipping & Trading Price Performance

NYSE:GNK traded up $0.22 during trading hours on Thursday, hitting $17.43. 588,807 shares of the company's stock traded hands, compared to its average volume of 558,569. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $19.51. The business's fifty day simple moving average is $15.72 and its two-hundred day simple moving average is $14.23. The company has a quick ratio of 1.20, a current ratio of 1.63 and a debt-to-equity ratio of 0.10. The firm has a market cap of $748.96 million, a P/E ratio of 51.28 and a beta of 1.22.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm had revenue of $46.90 million for the quarter, compared to analysts' expectations of $50.19 million. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The company's revenue was down 24.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.46 EPS. On average, research analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 18th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, August 18th. Genco Shipping & Trading's dividend payout ratio (DPR) is currently 176.47%.

Analyst Upgrades and Downgrades

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

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.