Genco Shipping & Trading Limited (NYSE:GNK) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 11.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 923,074 shares of the shipping company's stock after selling 116,730 shares during the quarter. Renaissance Technologies LLC owned 2.16% of Genco Shipping & Trading worth $12,868,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of GNK. Raymond James Financial Inc. bought a new position in Genco Shipping & Trading during the fourth quarter valued at approximately $332,000. JPMorgan Chase & Co. raised its position in Genco Shipping & Trading by 155.0% in the 3rd 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Genco Shipping & Trading by 51.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,355 shares of the shipping company's stock worth $911,000 after buying an additional 22,316 shares during the last quarter. Barclays PLC lifted its position 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. Finally, Townsend & Associates Inc increased its stake in Genco Shipping & Trading by 2.2% in the 4th quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company's stock worth $15,318,000 after buying an additional 23,101 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on GNK shares. Pareto Securities upgraded Genco Shipping & Trading to a "strong-buy" rating in a research report on Monday, March 31st. Jefferies Financial Group cut their price target on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $23.00.

Genco Shipping & Trading Price Performance

GNK stock traded down $0.27 during trading on Monday, hitting $12.33. The stock had a trading volume of 68,747 shares, compared to its average volume of 551,738. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The company's 50-day moving average price is $13.53 and its two-hundred day moving average price is $14.83. Genco Shipping & Trading Limited has a twelve month low of $11.20 and a twelve month high of $23.43. The stock has a market capitalization of $529.81 million, a P/E ratio of 7.05, a PEG ratio of 5.64 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings data 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 return on equity of 7.82% and a net margin of 18.06%. The company had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million. As a group, research analysts predict that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.73%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading's dividend payout ratio (DPR) is currently 68.57%.

Insiders Place Their Bets

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 shares of Genco Shipping & Trading stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 26,829 shares in the company, valued at approximately $374,532.84. This trade represents a 18.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Peter George Allen sold 8,984 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer now owns 45,251 shares of the company's stock, valued at $631,703.96. This trade represents a 16.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,812 shares of company stock valued at $402,216 over the last quarter. Company insiders own 2.50% of the company's stock.

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.