40,400 Shares in Genco Shipping & Trading Limited $GNK Purchased by Strs Ohio

Key Points

• Strs Ohio made a new investment of approximately $540,000 in Genco Shipping & Trading, acquiring 40,400 shares in the first quarter.
• Genco Shipping & Trading recently announced a dividend cut with a dividend payout ratio of 176.47%, reflecting financial challenges as their revenue has decreased by 24.4% year-over-year.
• Currently, 58.62% of Genco Shipping's stock is owned by institutional investors, with several hedge funds increasing their stakes in the company during the first quarter.

Strs Ohio bought a new stake in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 40,400 shares of the shipping company's stock, valued at approximately $540,000. Strs Ohio owned 0.09% of Genco Shipping & Trading as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GNK. Summit Securities Group LLC purchased a new stake in Genco Shipping & Trading in the first quarter valued at approximately $39,000. GAMMA Investing LLC grew its stake in shares of Genco Shipping & Trading by 1,119.1% in the first quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company's stock worth $60,000 after acquiring an additional 4,096 shares in the last quarter. Amundi grew its stake in shares of Genco Shipping & Trading by 29.0% in the first quarter. Amundi now owns 8,000 shares of the shipping company's stock worth $101,000 after acquiring an additional 1,800 shares in the last quarter. State of Wyoming grew its stake in shares of Genco Shipping & Trading by 34.7% in the first quarter. State of Wyoming now owns 8,088 shares of the shipping company's stock worth $108,000 after acquiring an additional 2,083 shares in the last quarter. Finally, Randolph Co Inc acquired a new position in shares of Genco Shipping & Trading in the first quarter worth $134,000. Hedge funds and other institutional investors own 58.62% of the company's stock.

Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, insider Jesper Christensen sold 34,202 shares of the company's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $18.06, for a total value of $617,688.12. Following the completion of the transaction, the insider owned 69,363 shares in the company, valued at $1,252,695.78. This represents a 33.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.08% of the stock is owned by corporate insiders.

Genco Shipping & Trading Stock Down 0.2%

Shares of GNK stock traded down $0.04 on Monday, reaching $18.68. 873,871 shares of the stock were exchanged, compared to its average volume of 660,712. 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 business's 50 day moving average price is $16.74 and its 200 day moving average price is $14.56. The company has a market capitalization of $802.28 million, a price-to-earnings ratio of 66.82 and a beta of 1.22. Genco Shipping & Trading Limited has a twelve month low of $11.20 and a twelve month high of $19.51.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The shipping company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The firm had revenue of $46.90 million during the quarter, compared to the consensus estimate of $50.19 million. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The company's revenue was down 24.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.46 earnings per share. As a group, sell-side 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 business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 18th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, August 18th. Genco Shipping & Trading's dividend payout ratio is currently 176.47%.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group restated a "buy" rating and issued a $19.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $18.00.

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.