Goldman Sachs Group Inc. cut its stake in Genco Shipping & Trading Limited (NYSE:GNK – Free Report) by 43.9% in the 1st quarter, Holdings Channel.com reports. The fund owned 328,590 shares of the shipping company’s stock after selling 256,831 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Genco Shipping & Trading were worth $4,390,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GNK. Summit Securities Group LLC acquired a new position in Genco Shipping & Trading in the 1st quarter valued at $39,000. GAMMA Investing LLC raised its holdings in Genco Shipping & Trading by 1,119.1% in the 1st quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company’s stock valued at $60,000 after acquiring an additional 4,096 shares in the last quarter. Amundi raised its holdings in Genco Shipping & Trading by 29.0% in the 1st quarter. Amundi now owns 8,000 shares of the shipping company’s stock valued at $101,000 after acquiring an additional 1,800 shares in the last quarter. State of Wyoming raised its holdings in Genco Shipping & Trading by 34.7% in the 1st quarter. State of Wyoming now owns 8,088 shares of the shipping company’s stock valued at $108,000 after acquiring an additional 2,083 shares in the last quarter. Finally, Randolph Co Inc acquired a new position in Genco Shipping & Trading in the 1st quarter valued at $134,000. 58.62% of the stock is owned by institutional investors and hedge funds.
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Insiders Place Their Bets
In related news, insider Jesper Christensen sold 34,202 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $18.06, for a total transaction of $617,688.12. Following the transaction, the insider directly owned 69,363 shares of the company’s stock, valued at approximately $1,252,695.78. This represents a 33.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.37% of the company’s stock.
Genco Shipping & Trading Stock Up 0.6%
Shares of NYSE:GNK opened at $18.53 on Thursday. The company has a market capitalization of $795.83 million, a price-to-earnings ratio of 54.49 and a beta of 1.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20. The business’s 50-day moving average is $16.51 and its 200-day moving average is $14.46. Genco Shipping & Trading Limited has a 1 year low of $11.20 and a 1 year high of $19.51.
Genco Shipping & Trading (NYSE:GNK – Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $46.90 million for the quarter, compared to the consensus estimate of $50.19 million. Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The firm’s revenue was down 24.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.46 EPS. Equities research analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.
Genco Shipping & Trading Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 18th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, August 18th. Genco Shipping & Trading’s payout ratio is currently 176.47%.
Analyst Ratings Changes
GNK has been the subject of several analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Genco Shipping & Trading in a report on Thursday, August 7th. Wall Street Zen cut Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $18.00.
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Genco Shipping & Trading Company Profile
(Free Report)
Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.
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