Ieq Capital LLC Invests $245,000 in Genco Shipping & Trading Limited (NYSE:GNK)

Ieq Capital LLC purchased a new stake in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,602 shares of the shipping company's stock, valued at approximately $245,000.

Several other hedge funds also recently bought and sold shares of the stock. State Street Corp grew its position in Genco Shipping & Trading by 1.0% in the 3rd quarter. State Street Corp now owns 1,190,467 shares of the shipping company's stock valued at $23,214,000 after buying an additional 12,001 shares in the last quarter. Townsend & Associates Inc boosted its stake in Genco Shipping & Trading by 2.7% in the 3rd quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company's stock worth $20,453,000 after purchasing an additional 27,783 shares during the period. Geode Capital Management LLC grew its position in Genco Shipping & Trading by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 980,097 shares of the shipping company's stock worth $19,116,000 after purchasing an additional 11,151 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company's stock worth $10,345,000 after purchasing an additional 219,907 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its stake in shares of Genco Shipping & Trading by 6.0% in the third quarter. Loomis Sayles & Co. L P now owns 501,503 shares of the shipping company's stock worth $9,779,000 after acquiring an additional 28,314 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company's stock.

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Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. StockNews.com cut shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a report on Tuesday, December 17th. Jefferies Financial Group cut their price target 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. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Genco Shipping & Trading has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

Insider Activity at Genco Shipping & Trading

In other news, insider Jesper Christensen sold 13,602 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $189,883.92. Following the sale, the insider now owns 57,322 shares in the company, valued at $800,215.12. This trade represents a 19.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Joseph Adamo sold 6,226 shares of the firm'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 $86,914.96. Following the sale, the chief accounting officer now owns 26,829 shares of the company's stock, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,812 shares of company stock worth $402,216 over the last quarter. Company insiders own 2.50% of the company's stock.

Genco Shipping & Trading Trading Up 1.8 %

GNK traded up $0.25 during trading on Tuesday, reaching $14.19. 360,081 shares of the stock traded hands, compared to its average volume of 541,805. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading Limited has a 12 month low of $13.51 and a 12 month high of $23.43. The stock's 50-day moving average is $14.33 and its 200 day moving average is $15.96. The stock has a market capitalization of $606.52 million, a PE ratio of 8.10, a P/E/G ratio of 5.64 and a beta of 0.97.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $67.95 million during the quarter, compared to the consensus estimate of $67.36 million. Equities 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 disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a yield of 8.46%. Genco Shipping & Trading's payout ratio is currently 68.57%.

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.