Pekin Hardy Strauss Inc. Decreases Stock Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Pekin Hardy Strauss Inc. cut its stake in Genco Shipping & Trading Limited (NYSE:GNK) by 2.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 388,066 shares of the shipping company’s stock after selling 10,325 shares during the period. Genco Shipping & Trading makes up approximately 0.9% of Pekin Hardy Strauss Inc.’s holdings, making the stock its 27th largest holding. Pekin Hardy Strauss Inc. owned about 0.91% of Genco Shipping & Trading worth $6,438,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC raised its holdings in Genco Shipping & Trading by 696.5% during the fourth quarter. SG Americas Securities LLC now owns 78,118 shares of the shipping company’s stock worth $1,296,000 after purchasing an additional 68,310 shares during the last quarter. Key Colony Management LLC acquired a new stake in Genco Shipping & Trading in the 4th quarter valued at about $1,510,000. Moors & Cabot Inc. grew its stake in Genco Shipping & Trading by 76.0% in the 3rd quarter. Moors & Cabot Inc. now owns 47,469 shares of the shipping company’s stock valued at $664,000 after acquiring an additional 20,500 shares during the last quarter. MQS Management LLC acquired a new position in Genco Shipping & Trading during the third quarter worth about $361,000. Finally, Swiss National Bank lifted its holdings in shares of Genco Shipping & Trading by 1.1% in the third quarter. Swiss National Bank now owns 93,400 shares of the shipping company’s stock valued at $1,307,000 after purchasing an additional 1,000 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GNK has been the subject of several research reports. BTIG Research restated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Friday, January 5th. StockNews.com lowered Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Stifel Nicolaus boosted their target price on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Finally, TheStreet raised shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research note on Thursday, February 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $21.00.

Genco Shipping & Trading Trading Down 0.4 %

NYSE GNK traded down $0.08 during trading hours on Tuesday, hitting $21.34. 550,482 shares of the company’s stock were exchanged, compared to its average volume of 709,708. The business’s 50 day moving average is $20.34 and its 200-day moving average is $17.27. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.70 and a current ratio of 4.46. Genco Shipping & Trading Limited has a 12-month low of $12.39 and a 12-month high of $21.61. The firm has a market capitalization of $912.29 million, a P/E ratio of -69.16 and a beta of 1.18.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, February 21st. The shipping company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.37 by $0.06. The firm had revenue of $115.50 million during 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%. Genco Shipping & Trading’s revenue for the quarter was down 9.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.67 earnings per share. As a group, analysts anticipate 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. Stockholders of record on Wednesday, March 6th were paid a dividend of $0.41 per share. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $1.64 annualized dividend and a dividend yield of 7.69%. The ex-dividend date was Tuesday, March 5th. Genco Shipping & Trading’s dividend payout ratio is -529.03%.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $20.40, for a total transaction of $28,478.40. Following the transaction, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total transaction of $28,478.40. Following the transaction, the chief accounting officer now directly owns 17,994 shares in the company, valued at approximately $367,077.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Peter George Allen sold 7,036 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $139,312.80. Following the completion of the sale, the chief financial officer now owns 35,518 shares of the company’s stock, valued at approximately $703,256.40. The disclosure for this sale can be found here. Insiders have sold a total of 62,496 shares of company stock worth $1,238,678 in the last three months. 2.08% of the stock is owned by company insiders.

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.