23,842 Shares in Genco Shipping & Trading Limited (NYSE:GNK) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new position in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 23,842 shares of the shipping company's stock, valued at approximately $332,000. Raymond James Financial Inc. owned about 0.06% of Genco Shipping & Trading at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position 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 valued at $5,559,000 after purchasing an additional 173,270 shares in the last quarter. Barclays PLC raised its holdings in shares of Genco Shipping & Trading by 499.7% during the 3rd quarter. Barclays PLC now owns 103,387 shares of the shipping company's stock valued at $2,016,000 after buying an additional 86,147 shares in the last quarter. Bank of New York Mellon Corp grew its position in Genco Shipping & Trading by 34.5% during 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. B. Riley Wealth Advisors Inc. purchased a new position in shares of Genco Shipping & Trading during the third quarter worth approximately $662,000. Finally, Accurate Wealth Management LLC boosted its stake in shares of Genco Shipping & Trading by 92.8% in the 4th quarter. Accurate Wealth Management LLC now owns 66,253 shares of the shipping company's stock valued at $960,000 after purchasing an additional 31,890 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company's stock.

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Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 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 value of $86,914.96. Following the completion of the sale, the chief accounting officer now owns 26,829 shares of the company's stock, valued at approximately $374,532.84. This trade represents a 18.84 % decrease in their position. 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 company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $125,416.64. Following the transaction, the chief financial officer now directly owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,812 shares of company stock valued at $402,216 in the last three months. Company insiders own 2.50% of the company's stock.

Genco Shipping & Trading Trading Down 2.3 %

NYSE GNK traded down $0.29 during trading on Tuesday, hitting $12.50. The company had a trading volume of 55,071 shares, compared to its average volume of 549,224. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $23.43. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The company's fifty day moving average is $13.69 and its 200-day moving average is $15.02. The company has a market cap of $534.52 million, a price-to-earnings ratio of 7.17, a price-to-earnings-growth ratio of 5.64 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.27). The firm 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%. On average, sell-side 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 issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.60%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading's dividend payout ratio (DPR) is presently 68.57%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Jefferies Financial Group decreased their target price on shares of 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 cut Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Finally, Pareto Securities upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a report on Monday, March 31st. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.00.

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.