Charles Schwab Investment Management Inc. Has $6.62 Million Holdings in Genco Shipping & Trading Limited (NYSE:GNK)

Charles Schwab Investment Management Inc. cut its stake in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 10.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 474,647 shares of the shipping company's stock after selling 55,876 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.11% of Genco Shipping & Trading worth $6,617,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Pekin Hardy Strauss Inc. acquired a new position in shares of Genco Shipping & Trading in the 3rd quarter worth approximately $812,000. JPMorgan Chase & Co. boosted its holdings in Genco Shipping & Trading by 155.0% during the third quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company's stock worth $5,559,000 after buying an additional 173,270 shares in the last quarter. Barclays PLC grew its position in Genco Shipping & Trading by 499.7% in the third quarter. Barclays PLC now owns 103,387 shares of the shipping company's stock worth $2,016,000 after buying an additional 86,147 shares during the last quarter. Townsend & Associates Inc increased its holdings in shares of Genco Shipping & Trading by 2.2% in the fourth 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 in the last quarter. Finally, Petrus Trust Company LTA acquired a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at $661,000. Institutional investors and hedge funds own 58.62% of the company's stock.

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Genco Shipping & Trading Price Performance

Shares of GNK stock traded up $0.23 during mid-day trading on Friday, reaching $13.39. The company's stock had a trading volume of 720,159 shares, compared to its average volume of 535,501. 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 firm's 50-day moving average is $14.20 and its two-hundred day moving average is $15.55. Genco Shipping & Trading Limited has a 1-year low of $13.08 and a 1-year high of $23.43. The company has a market cap of $572.32 million, a P/E ratio of 7.65, a PEG ratio of 5.64 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its 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 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, 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 announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were paid a $0.30 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.97%. Genco Shipping & Trading's dividend payout ratio (DPR) is presently 68.57%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GNK. Jefferies Financial Group cut their target price on Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. StockNews.com lowered Genco Shipping & Trading from a "buy" rating to a "hold" rating in a report on Tuesday, December 17th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $23.00.

Insiders Place Their Bets

In related news, CAO Joseph Adamo sold 6,226 shares of the 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 $86,914.96. Following the sale, the chief accounting officer now directly owns 26,829 shares in the company, valued at $374,532.84. This trade represents a 18.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $189,883.92. Following the transaction, the insider now directly owns 57,322 shares in the company, valued at approximately $800,215.12. This represents a 19.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,812 shares of company stock valued at $402,216. Insiders own 2.50% of the company's stock.

About Genco Shipping & Trading

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.