Los Angeles Capital Management LLC Cuts Stock Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Los Angeles Capital Management LLC reduced its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 18.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,299 shares of the shipping company’s stock after selling 8,800 shares during the quarter. Los Angeles Capital Management LLC owned about 0.09% of Genco Shipping & Trading worth $548,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of GNK. Townsend & Associates Inc raised its position in Genco Shipping & Trading by 2.7% during the third quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company’s stock valued at $20,453,000 after purchasing an additional 27,783 shares in the last quarter. MQS Management LLC purchased a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at about $490,000. Royce & Associates LP lifted its position in Genco Shipping & Trading by 43.1% in the 3rd quarter. Royce & Associates LP now owns 482,687 shares of the shipping company’s stock worth $9,412,000 after buying an additional 145,471 shares during the last quarter. Empowered Funds LLC boosted its stake in Genco Shipping & Trading by 5.4% in the third quarter. Empowered Funds LLC now owns 255,775 shares of the shipping company’s stock worth $4,988,000 after buying an additional 12,998 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Genco Shipping & Trading by 37.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,039 shares of the shipping company’s stock valued at $839,000 after acquiring an additional 11,707 shares during the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $13.95 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. Genco Shipping & Trading Limited has a fifty-two week low of $13.51 and a fifty-two week high of $23.43. The firm has a market cap of $596.47 million, a PE ratio of 7.97, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97. The business has a 50 day moving average price of $14.33 and a 200-day moving average price of $15.96.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The firm had revenue of $67.95 million for the quarter, compared to analysts’ expectations of $67.36 million. Equities research analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, March 11th. This represents a $1.20 annualized dividend and a dividend yield of 8.60%. Genco Shipping & Trading’s payout ratio is presently 68.57%.

Analyst Upgrades and Downgrades

GNK has been the subject of a number of recent research reports. StockNews.com lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Jefferies Financial Group lowered their price target on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Insider Activity at Genco Shipping & Trading

In related news, CAO Joseph Adamo sold 6,226 shares of Genco Shipping & Trading stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the sale, the chief accounting officer now owns 26,829 shares in the company, valued at $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Peter George Allen sold 8,984 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the transaction, the chief financial officer now directly owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,812 shares of company stock worth $402,216 in the last 90 days. Company insiders own 2.50% 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, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.