TrueMark Investments LLC Sells 19,577 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

TrueMark Investments LLC trimmed its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 46.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,904 shares of the shipping company's stock after selling 19,577 shares during the quarter. TrueMark Investments LLC owned approximately 0.05% of Genco Shipping & Trading worth $319,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. EntryPoint Capital LLC purchased a new stake in Genco Shipping & Trading in the fourth quarter worth about $235,000. Segall Bryant & Hamill LLC bought a new position in shares of Genco Shipping & Trading during the 4th quarter valued at approximately $552,000. LPL Financial LLC raised its stake in Genco Shipping & Trading by 3.1% during the 4th quarter. LPL Financial LLC now owns 24,566 shares of the shipping company's stock worth $342,000 after acquiring an additional 736 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Genco Shipping & Trading during the 4th quarter worth approximately $478,000. Finally, AXQ Capital LP purchased a new position in Genco Shipping & Trading during the fourth quarter valued at approximately $162,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $13.41 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The firm has a market cap of $573.17 million, a price-to-earnings ratio of 7.66, a P/E/G ratio of 5.64 and a beta of 0.99. The firm has a fifty day moving average price of $14.16 and a 200 day moving average price of $15.48. Genco Shipping & Trading Limited has a fifty-two week low of $13.08 and a fifty-two week high of $23.43.

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Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.27). The firm had revenue of $67.95 million for the quarter, compared to analysts' expectations 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, sell-side analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share 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. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.95%. Genco Shipping & Trading's dividend payout ratio is currently 68.57%.

Analyst Ratings Changes

GNK has been the topic of several recent analyst reports. StockNews.com downgraded shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Jefferies Financial Group decreased 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 analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $23.00.

Insider Activity at Genco Shipping & Trading

In other 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 completion of the transaction, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jesper Christensen sold 13,602 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 $189,883.92. Following the transaction, the insider now directly owns 57,322 shares of the company's stock, valued at $800,215.12. The trade was a 19.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,812 shares of company stock valued at $402,216. 2.50% of the stock is owned by corporate insiders.

Genco Shipping & Trading 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.