JPMorgan Chase & Co. Has $5.55 Million Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

JPMorgan Chase & Co. lifted its position in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 39.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 398,321 shares of the shipping company's stock after acquiring an additional 113,230 shares during the period. JPMorgan Chase & Co. owned about 0.93% of Genco Shipping & Trading worth $5,553,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Teacher Retirement System of Texas purchased a new position in Genco Shipping & Trading during the fourth quarter valued at approximately $3,692,000. Royce & Associates LP grew its position in Genco Shipping & Trading by 23.9% during the fourth quarter. Royce & Associates LP now owns 597,860 shares of the shipping company's stock valued at $8,334,000 after purchasing an additional 115,173 shares in the last quarter. American Century Companies Inc. lifted its stake in Genco Shipping & Trading by 8.9% in the fourth quarter. American Century Companies Inc. now owns 1,361,597 shares of the shipping company's stock valued at $18,981,000 after acquiring an additional 111,564 shares during the last quarter. Barclays PLC lifted its stake in Genco Shipping & Trading by 499.7% in the third quarter. Barclays PLC now owns 103,387 shares of the shipping company's stock valued at $2,016,000 after acquiring an additional 86,147 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Genco Shipping & Trading by 34.5% in the fourth quarter. Bank of New York Mellon Corp now owns 171,988 shares of the shipping company's stock valued at $2,398,000 after acquiring an additional 44,153 shares during the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, 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 $374,532.84. This trade represents a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Peter George Allen sold 8,984 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 value of $125,416.64. Following the sale, the chief financial officer now directly owns 45,251 shares in the company, valued at approximately $631,703.96. This represents a 16.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,812 shares of company stock worth $402,216. Corporate insiders own 2.08% of the company's stock.

Wall Street Analyst Weigh In

GNK has been the subject of a number of analyst reports. Pareto Securities upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a research note on Monday, March 31st. Jefferies Financial Group reduced 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. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Genco Shipping & Trading has an average rating of "Moderate Buy" and an average target price of $23.00.

Genco Shipping & Trading Trading Up 3.0 %

GNK stock traded up $0.37 during trading on Wednesday, hitting $12.63. The company had a trading volume of 53,967 shares, compared to its average volume of 551,188. 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 price of $13.45 and a 200-day moving average price of $14.77. Genco Shipping & Trading Limited has a 12 month low of $11.20 and a 12 month high of $23.43. The stock has a market cap of $542.57 million, a price-to-earnings ratio of 7.22, a PEG ratio of 5.64 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its earnings results on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.27). The business had revenue of $67.95 million for the quarter, compared to the consensus estimate of $67.36 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. As a group, analysts predict 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. Stockholders of record on Tuesday, March 11th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 9.50%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading's dividend payout ratio (DPR) is 68.57%.

Genco Shipping & Trading Company 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.