Townsend & Associates Inc Purchases 23,101 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Townsend & Associates Inc lifted its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,071,959 shares of the shipping company's stock after purchasing an additional 23,101 shares during the quarter. Genco Shipping & Trading comprises about 1.6% of Townsend & Associates Inc's investment portfolio, making the stock its 29th largest holding. Townsend & Associates Inc owned 2.51% of Genco Shipping & Trading worth $15,318,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Pekin Hardy Strauss Inc. acquired a new stake in Genco Shipping & Trading in the third quarter worth approximately $812,000. Charles Schwab Investment Management Inc. raised its stake in shares of Genco Shipping & Trading by 70.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company's stock worth $10,345,000 after buying an additional 219,907 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Genco Shipping & Trading by 155.0% in the third quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company's stock valued at $5,559,000 after buying an additional 173,270 shares during the period. Barclays PLC boosted its stake in Genco Shipping & Trading by 499.7% during the third 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, Petrus Trust Company LTA acquired a new position in Genco Shipping & Trading during the third quarter worth about $661,000. Institutional investors and hedge funds own 58.62% of the company's stock.

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Genco Shipping & Trading Stock Up 1.6 %

Shares of NYSE GNK traded up $0.23 during mid-day trading on Wednesday, reaching $14.43. The company had a trading volume of 997,218 shares, compared to its average volume of 501,202. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. Genco Shipping & Trading Limited has a twelve month low of $13.51 and a twelve month high of $23.43. The stock's 50 day moving average is $14.29 and its 200-day moving average is $16.05. The stock has a market capitalization of $616.78 million, a PE ratio of 8.24, a price-to-earnings-growth 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 for the quarter, missing the consensus estimate of $0.56 by ($0.27). The firm had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. As a group, equities analysts anticipate that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.32%. The ex-dividend date of this dividend is Tuesday, March 11th. Genco Shipping & Trading's payout ratio is 68.57%.

Insider Buying and Selling

In other Genco Shipping & Trading news, CFO Peter George Allen sold 8,984 shares of the company's stock in a transaction dated Monday, February 24th. The shares were 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 directly owns 45,251 shares in the company, valued at $631,703.96. This represents a 16.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Joseph Adamo sold 6,226 shares of Genco Shipping & Trading stock in a transaction dated 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 transaction, the chief accounting officer now owns 26,829 shares in the company, valued at $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. In the last ninety days, insiders sold 28,812 shares of company stock worth $402,216. 2.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently commented on GNK. StockNews.com downgraded shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a report on Tuesday, December 17th. Jefferies Financial Group dropped their price target on Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $23.00.

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.