Bank of New York Mellon Corp Increases Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Bank of New York Mellon Corp lifted its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 34.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 171,988 shares of the shipping company's stock after buying an additional 44,153 shares during the period. Bank of New York Mellon Corp owned about 0.40% of Genco Shipping & Trading worth $2,398,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Rhumbline Advisers boosted its stake in shares of Genco Shipping & Trading by 2.7% in the 4th quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company's stock valued at $950,000 after purchasing an additional 1,800 shares in the last quarter. R Squared Ltd acquired a new position in shares of Genco Shipping & Trading during the fourth quarter worth $29,000. Tidal Investments LLC lifted its stake in shares of Genco Shipping & Trading by 13.4% in the 3rd quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company's stock valued at $479,000 after acquiring an additional 2,898 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Genco Shipping & Trading by 26.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,190 shares of the shipping company's stock valued at $198,000 after purchasing an additional 3,000 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Genco Shipping & Trading by 11.8% in the fourth quarter. SG Americas Securities LLC now owns 29,881 shares of the shipping company's stock valued at $417,000 after buying an additional 3,142 shares during the period. 58.62% of the stock is currently owned by institutional investors.

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Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, insider Jesper Christensen sold 13,602 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $189,883.92. Following the sale, the insider now directly owns 57,322 shares of the company's stock, valued at approximately $800,215.12. The trade was a 19.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Peter George Allen sold 8,984 shares of the company's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $125,416.64. Following the completion of the transaction, the chief financial officer now owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,812 shares of company stock valued at $402,216 in the last three months. 2.50% of the stock is currently owned by company insiders.

Genco Shipping & Trading Trading Down 0.4 %

Shares of NYSE GNK traded down $0.05 during midday trading on Tuesday, reaching $13.50. The company had a trading volume of 430,102 shares, compared to its average volume of 509,927. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The firm's fifty day moving average price is $14.27 and its 200-day moving average price is $15.60. The stock has a market cap of $577.23 million, a PE ratio of 7.71, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99. Genco Shipping & Trading Limited has a one year low of $13.36 and a one year high of $23.43.

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

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors 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 8.89%. Genco Shipping & Trading's dividend payout ratio is presently 68.57%.

Wall Street Analyst Weigh In

GNK has been the subject of a number of analyst reports. Jefferies Financial Group lowered their target price on shares of 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. StockNews.com lowered shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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.