Townsend & Associates Inc Has $17.73 Million Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Townsend & Associates Inc boosted its holdings in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 64.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,004,426 shares of the shipping company's stock after buying an additional 394,234 shares during the period. Genco Shipping & Trading accounts for approximately 2.2% of Townsend & Associates Inc's holdings, making the stock its 13th biggest position. Townsend & Associates Inc owned about 2.36% of Genco Shipping & Trading worth $17,728,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cowen AND Company LLC bought a new stake in Genco Shipping & Trading during the 3rd quarter valued at approximately $11,733,000. American Century Companies Inc. raised its position in shares of Genco Shipping & Trading by 9.1% during the third quarter. American Century Companies Inc. now owns 681,087 shares of the shipping company's stock valued at $9,528,000 after buying an additional 56,837 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Genco Shipping & Trading by 78.4% in the third quarter. AQR Capital Management LLC now owns 612,440 shares of the shipping company's stock worth $8,568,000 after buying an additional 269,138 shares in the last quarter. Gratus Capital LLC boosted its position in shares of Genco Shipping & Trading by 1.4% during the third quarter. Gratus Capital LLC now owns 467,302 shares of the shipping company's stock worth $6,538,000 after acquiring an additional 6,396 shares during the last quarter. Finally, Pekin Hardy Strauss Inc. grew its stake in Genco Shipping & Trading by 728.7% during the third quarter. Pekin Hardy Strauss Inc. now owns 398,391 shares of the shipping company's stock valued at $5,573,000 after acquiring an additional 350,316 shares in the last quarter. 58.62% of the stock is owned by institutional investors.

Insider Buying and Selling at Genco Shipping & Trading

In other Genco Shipping & Trading news, CFO Peter George Allen sold 7,036 shares of the company's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $139,312.80. Following the transaction, the chief financial officer now directly owns 35,518 shares in the company, valued at approximately $703,256.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $139,312.80. Following the transaction, the chief financial officer now directly owns 35,518 shares of the company's stock, valued at $703,256.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jesper Christensen sold 12,404 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $245,599.20. Following the sale, the insider now directly owns 42,587 shares in the company, valued at approximately $843,222.60. The disclosure for this sale can be found here. Insiders sold 62,496 shares of company stock worth $1,238,678 over the last 90 days. Company insiders own 2.08% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on GNK. TheStreet upgraded shares of Genco Shipping & Trading from a "c" rating to a "b-" rating in a research note on Thursday, February 22nd. Jefferies Financial Group lifted their price objective on Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday. StockNews.com downgraded Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research report on Thursday, April 18th. Finally, Stifel Nicolaus boosted their price target on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a "buy" rating in a research report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $23.33.

Genco Shipping & Trading Trading Up 0.2 %

GNK stock traded up $0.05 during midday trading on Thursday, reaching $22.70. 1,087,067 shares of the company traded hands, compared to its average volume of 715,757. The firm has a market capitalization of $970.26 million, a price-to-earnings ratio of -73.06 and a beta of 1.11. Genco Shipping & Trading Limited has a 52-week low of $12.39 and a 52-week high of $23.43. The business has a 50 day moving average of $20.74 and a 200-day moving average of $17.62. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.70 and a current ratio of 4.46.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. The company had revenue of $117.44 million during the quarter, compared to the consensus estimate of $77.31 million. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. Genco Shipping & Trading's revenue was up 24.4% on a year-over-year basis. During the same period last year, the company earned $0.06 earnings per share. As a group, sell-side analysts expect that Genco Shipping & Trading Limited will post 1.93 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Wednesday, May 22nd will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 7.40%. The ex-dividend date is Tuesday, May 21st. This is a positive change from Genco Shipping & Trading's previous quarterly dividend of $0.41. Genco Shipping & Trading's payout ratio is -529.03%.

Genco Shipping & Trading Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.