Connor Clark & Lunn Investment Management Ltd. Increases Stock Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 51.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 65,355 shares of the shipping company’s stock after acquiring an additional 22,316 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.15% of Genco Shipping & Trading worth $911,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in Genco Shipping & Trading during the 4th quarter valued at about $332,000. Victory Capital Management Inc. boosted its stake in shares of Genco Shipping & Trading by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 98,690 shares of the shipping company’s stock valued at $1,376,000 after buying an additional 14,712 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Genco Shipping & Trading by 34.5% in the 4th quarter. Bank of New York Mellon Corp now owns 171,988 shares of the shipping company’s stock valued at $2,398,000 after buying an additional 44,153 shares during the period. Partners Wealth Management LLC purchased a new position in shares of Genco Shipping & Trading in the 4th quarter valued at about $221,000. Finally, Townsend & Associates Inc boosted its stake in shares of Genco Shipping & Trading by 2.2% in the 4th quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock valued at $15,318,000 after buying an additional 23,101 shares during the period. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Genco Shipping & Trading

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $86,914.96. Following the completion of the sale, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jesper Christensen sold 13,602 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $189,883.92. Following the completion of the sale, the insider now owns 57,322 shares of the company’s stock, valued at approximately $800,215.12. This represents a 19.18 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,812 shares of company stock worth $402,216. 2.50% of the stock is owned by insiders.

Genco Shipping & Trading Price Performance

GNK stock opened at $14.01 on Friday. The business has a 50 day moving average price of $14.30 and a 200 day moving average price of $15.67. The stock has a market cap of $598.83 million, a price-to-earnings ratio of 8.00, a PEG ratio of 5.64 and a beta of 0.99. Genco Shipping & Trading Limited has a fifty-two week low of $13.36 and a fifty-two week high of $23.43. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08.

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

Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 8.57%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is currently 68.57%.

Analysts Set New Price Targets

GNK has been the subject of several recent research reports. StockNews.com cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Jefferies Financial Group decreased their price objective on 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Genco Shipping & Trading 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.