Genco Shipping & Trading Limited (NYSE:GNK) Shares Acquired by Townsend & Associates Inc

Townsend & Associates Inc increased its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 64.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,004,426 shares of the shipping company’s stock after purchasing an additional 394,234 shares during the quarter. Genco Shipping & Trading makes up approximately 2.2% of Townsend & Associates Inc’s portfolio, making the stock its 13th biggest position. Townsend & Associates Inc’s holdings in Genco Shipping & Trading were worth $17,728,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. SummerHaven Investment Management LLC increased 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 purchasing an additional 696 shares in the last quarter. Swiss National Bank increased its position in Genco Shipping & Trading by 1.1% during the third quarter. Swiss National Bank now owns 93,400 shares of the shipping company’s stock worth $1,307,000 after buying an additional 1,000 shares during the period. Barclays PLC lifted its stake in 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 buying an additional 1,048 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings 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 valued at $183,000 after acquiring an additional 1,198 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Genco Shipping & Trading by 16.9% during the fourth quarter. Victory Capital Management Inc. now owns 13,251 shares of the shipping company’s stock worth $220,000 after acquiring an additional 1,915 shares during the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Genco Shipping & Trading

In other news, CAO Joseph Adamo sold 1,396 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $20.40, for a total value of $28,478.40. Following the completion of the transaction, the chief accounting officer now owns 17,994 shares in the company, valued at approximately $367,077.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Joseph Adamo sold 1,396 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total value of $28,478.40. Following the sale, the chief accounting officer now owns 17,994 shares in the company, valued at approximately $367,077.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading 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 transaction, the chief financial officer now directly owns 35,518 shares of the company’s stock, valued at $703,256.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,496 shares of company stock valued at $1,238,678. 2.08% of the stock is owned by company insiders.

Genco Shipping & Trading Stock Performance

Shares of GNK stock traded up $0.04 during mid-day trading on Thursday, hitting $22.69. The stock had a trading volume of 451,901 shares, compared to its average volume of 709,967. Genco Shipping & Trading Limited has a fifty-two week low of $12.39 and a fifty-two week high of $23.43. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. The company’s 50-day simple moving average is $20.74 and its 200-day simple moving average is $17.62. The firm has a market cap of $970.04 million, a PE ratio of -73.06 and a beta of 1.11.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The firm had revenue of $117.44 million during the quarter, compared to the consensus estimate of $77.31 million. During the same quarter last year, the firm earned $0.06 earnings per share. The firm’s revenue was up 24.4% compared to the same quarter last year. Sell-side analysts anticipate that Genco Shipping & Trading Limited will post 1.93 earnings per share for the current year.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, March 6th were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 7.23%. The ex-dividend date of this dividend was Tuesday, March 5th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio is currently -529.03%.

Genco Shipping & Trading Company 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.