Genco Shipping & Trading Limited (NYSE:GNK) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 51.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 65,355 shares of the shipping company's stock after acquiring an additional 22,316 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.15% of Genco Shipping & Trading worth $911,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GNK. R Squared Ltd purchased a new stake in Genco Shipping & Trading during the 4th quarter valued at approximately $29,000. Quarry LP raised its stake in Genco Shipping & Trading by 535.8% during the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company's stock valued at $83,000 after acquiring an additional 3,595 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Genco Shipping & Trading by 830.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,033 shares of the shipping company's stock valued at $154,000 after acquiring an additional 9,847 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Genco Shipping & Trading by 26.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,190 shares of the shipping company's stock valued at $198,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in Genco Shipping & Trading during the 3rd quarter valued at approximately $202,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

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 for the company in a research note on Thursday, February 20th. StockNews.com downgraded Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Genco Shipping & Trading currently has a consensus rating of "Moderate Buy" and an average target price of $23.00.

Insider Buying and Selling at Genco Shipping & Trading

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

Genco Shipping & Trading Price Performance

Shares of GNK traded down $0.32 on Friday, reaching $13.68. The stock had a trading volume of 1,173,222 shares, compared to its average volume of 510,367. The firm has a market capitalization of $584.72 million, a PE ratio of 7.81, a PEG ratio of 5.64 and a beta of 0.99. 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 has a 50-day moving average of $14.29 and a 200 day moving average of $15.63. Genco Shipping & Trading Limited has a twelve month low of $13.36 and a twelve month high of $23.43.

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

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 8.78%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading's dividend payout ratio (DPR) is currently 68.57%.

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.