Pekin Hardy Strauss Inc. Sells 10,325 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Pekin Hardy Strauss Inc. cut its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 2.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 388,066 shares of the shipping company’s stock after selling 10,325 shares during the quarter. Genco Shipping & Trading comprises 0.9% of Pekin Hardy Strauss Inc.’s holdings, making the stock its 27th biggest position. Pekin Hardy Strauss Inc.’s holdings in Genco Shipping & Trading were worth $6,438,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of GNK. SummerHaven Investment Management LLC boosted its position in shares of Genco Shipping & Trading by 1.3% during the fourth quarter. SummerHaven Investment Management LLC now owns 53,061 shares of the shipping company’s stock worth $880,000 after buying an additional 696 shares during the period. Swiss National Bank boosted its position in Genco Shipping & Trading by 1.1% during the 3rd quarter. Swiss National Bank now owns 93,400 shares of the shipping company’s stock worth $1,307,000 after acquiring an additional 1,000 shares during the last quarter. Barclays PLC raised its holdings in shares of Genco Shipping & Trading by 2.4% in the third quarter. Barclays PLC now owns 44,792 shares of the shipping company’s stock valued at $627,000 after purchasing an additional 1,048 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of Genco Shipping & Trading by 10.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 13,092 shares of the shipping company’s stock worth $183,000 after purchasing an additional 1,198 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its holdings in Genco Shipping & Trading by 14.8% during the third quarter. Linden Thomas Advisory Services LLC now owns 14,010 shares of the shipping company’s stock worth $196,000 after purchasing an additional 1,802 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Analyst Upgrades and Downgrades

GNK has been the topic of several analyst reports. TheStreet raised shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. BTIG Research reissued a “neutral” rating on shares of Genco Shipping & Trading in a research note on Friday, January 5th. StockNews.com lowered shares of 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 objective on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $21.00.

Genco Shipping & Trading Stock Performance

Shares of NYSE:GNK traded down $0.08 on Tuesday, reaching $21.34. 550,482 shares of the company’s stock were exchanged, compared to its average volume of 709,708. The company has a current ratio of 4.46, a quick ratio of 3.70 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $912.29 million, a price-to-earnings ratio of -69.16 and a beta of 1.18. The company has a fifty day moving average of $20.34 and a 200-day moving average of $17.27. Genco Shipping & Trading Limited has a twelve month low of $12.39 and a twelve month high of $21.61.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, February 21st. The shipping company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.37 by $0.06. The firm had revenue of $115.50 million for the quarter, compared to analyst estimates of $72.54 million. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The business’s quarterly revenue was down 9.1% compared to the same quarter last year. During the same period last year, the firm earned $0.67 EPS. On average, research analysts predict that Genco Shipping & Trading Limited will post 1.93 EPS for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Shareholders of record on Wednesday, March 6th were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 7.69%. The ex-dividend date was Tuesday, March 5th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -529.03%.

About Genco Shipping & Trading

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.