Vanguard Group Inc. Sells 146,896 Shares of Genco Shipping & Trading Limited $GNK

Key Points

• Vanguard Group Inc. has reduced its stake in Genco Shipping & Trading by 8.2%, now owning 1,636,832 shares valued at approximately $21.87 million.
• Genco Shipping recently reported a loss of $0.14 EPS for the quarter, outperforming estimates by $0.01, though revenue declined by 24.4% year-over-year.
• Despite a recent dividend payment of $0.15 per share, Genco Shipping's dividend payout ratio stands at an unusually high 176.47%.

Vanguard Group Inc. reduced its position in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 8.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,636,832 shares of the shipping company's stock after selling 146,896 shares during the period. Vanguard Group Inc. owned approximately 3.81% of Genco Shipping & Trading worth $21,868,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Genco Shipping & Trading by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,001 shares of the shipping company's stock worth $335,000 after acquiring an additional 924 shares during the last quarter. Banque Transatlantique SA acquired a new position in shares of Genco Shipping & Trading in the 4th quarter worth $28,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Genco Shipping & Trading by 13.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,617 shares of the shipping company's stock worth $262,000 after acquiring an additional 2,330 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Genco Shipping & Trading by 12.3% in the 4th 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 during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Genco Shipping & Trading by 22.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,897 shares of the shipping company's stock worth $236,000 after buying an additional 3,064 shares during the period. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Stock Up 1.3%

NYSE GNK traded up $0.23 during trading on Wednesday, hitting $17.23. 249,434 shares of the company traded hands, compared to its average volume of 677,011. 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 has a fifty day simple moving average of $15.57 and a 200 day simple moving average of $14.19. The company has a market capitalization of $739.97 million, a P/E ratio of 50.65 and a beta of 1.22. Genco Shipping & Trading Limited has a 12 month low of $11.20 and a 12 month high of $19.51.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $46.90 million for the quarter, compared to analyst estimates of $50.19 million. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The firm's revenue for the quarter was down 24.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. As a group, sell-side analysts predict that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 18th were paid a $0.15 dividend. The ex-dividend date was Monday, August 18th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.5%. Genco Shipping & Trading's payout ratio is presently 176.47%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GNK. Jefferies Financial Group reaffirmed a "buy" rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, August 7th. Wall Street Zen cut Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Genco Shipping & Trading presently has an average rating of "Buy" and a consensus price target of $19.33.

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.