Teacher Retirement System of Texas Takes $3.69 Million Position in Genco Shipping & Trading Limited (NYSE:GNK)

Teacher Retirement System of Texas acquired a new stake in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 264,862 shares of the shipping company's stock, valued at approximately $3,692,000. Teacher Retirement System of Texas owned approximately 0.62% of Genco Shipping & Trading at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. grew its position in Genco Shipping & Trading by 37.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,039 shares of the shipping company's stock worth $839,000 after purchasing an additional 11,707 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Genco Shipping & Trading during the third quarter valued at approximately $202,000. Charles Schwab Investment Management Inc. increased its position in shares of Genco Shipping & Trading by 70.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company's stock valued at $10,345,000 after acquiring an additional 219,907 shares during the last quarter. Kingsview Wealth Management LLC purchased a new position in Genco Shipping & Trading in the third quarter worth $685,000. Finally, Pekin Hardy Strauss Inc. bought a new position in Genco Shipping & Trading in the 3rd quarter valued at $812,000. Hedge funds and other institutional investors own 58.62% of the company's stock.

Insiders Place Their Bets

In related news, CFO Peter George Allen sold 8,984 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 transaction of $125,416.64. Following the completion of the sale, the chief financial officer now owns 45,251 shares of the company's stock, valued at approximately $631,703.96. This trade represents a 16.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Joseph Adamo sold 6,226 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 $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. This trade represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,812 shares of company stock worth $402,216 in the last three months. 2.50% of the stock is currently owned by corporate insiders.

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Genco Shipping & Trading Stock Performance

Shares of NYSE:GNK traded up $0.23 during trading on Friday, hitting $13.39. 720,159 shares of the company were exchanged, compared to its average volume of 535,242. Genco Shipping & Trading Limited has a 52-week low of $13.08 and a 52-week high of $23.43. The stock has a 50 day moving average of $14.20 and a 200 day moving average of $15.55. 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 has a market cap of $572.32 million, a PE ratio of 7.65, a P/E/G ratio of 5.64 and a beta of 0.99.

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). 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 during the quarter, compared to the consensus estimate of $67.36 million. As a group, equities research analysts predict 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 issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 8.97%. The ex-dividend date was Tuesday, March 11th. Genco Shipping & Trading's dividend payout ratio (DPR) is presently 68.57%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. 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 report on Thursday, February 20th. StockNews.com lowered shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.