Corient Private Wealth LLC Makes New $251,000 Investment in Genco Shipping & Trading Limited (NYSE:GNK)

Corient Private Wealth LLC purchased a new stake in Genco Shipping & Trading Limited (NYSE:GNK) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 18,000 shares of the shipping company’s stock, valued at approximately $251,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after purchasing an additional 219,907 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Genco Shipping & Trading by 155.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after acquiring an additional 173,270 shares during the last quarter. Barclays PLC increased its stake in shares of Genco Shipping & Trading by 499.7% in the 3rd quarter. Barclays PLC now owns 103,387 shares of the shipping company’s stock valued at $2,016,000 after acquiring an additional 86,147 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Genco Shipping & Trading by 51.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,355 shares of the shipping company’s stock valued at $911,000 after acquiring an additional 22,316 shares during the period. Finally, Townsend & Associates Inc boosted its stake in Genco Shipping & Trading by 2.2% during the 4th quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock worth $15,318,000 after acquiring an additional 23,101 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Genco Shipping & Trading news, CFO Peter George Allen sold 8,984 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the sale, the chief financial officer now directly owns 45,251 shares of the company’s stock, valued at $631,703.96. The trade was a 16.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jesper Christensen sold 13,602 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 57,322 shares of the company’s stock, valued at $800,215.12. The trade was a 19.18 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,812 shares of company stock worth $402,216. 2.50% of the stock is owned by corporate insiders.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $13.41 on Tuesday. The company has a market capitalization of $573.17 million, a P/E ratio of 7.66, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99. Genco Shipping & Trading Limited has a 52 week low of $13.08 and a 52 week high of $23.43. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The company’s 50 day moving average price is $14.16 and its two-hundred day moving average price is $15.48.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). The company had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. On average, analysts expect 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. Stockholders of record on Tuesday, March 11th were given a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 annualized dividend and a dividend yield of 8.95%. Genco Shipping & Trading’s dividend payout ratio is currently 68.57%.

Wall Street Analysts Forecast Growth

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

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.