Virtu Financial LLC Buys New Shares in Genco Shipping & Trading Limited (NYSE:GNK)

Virtu Financial LLC acquired a new stake in shares of Genco Shipping & Trading Limited (NYSE:GNK - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 21,210 shares of the shipping company's stock, valued at approximately $296,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. R Squared Ltd bought a new stake in shares of Genco Shipping & Trading during the fourth quarter valued at approximately $29,000. Quarry LP grew its position in shares of Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company's stock worth $83,000 after buying an additional 3,595 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Genco Shipping & Trading by 830.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,033 shares of the shipping company's stock worth $154,000 after acquiring an additional 9,847 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Genco Shipping & Trading by 26.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,190 shares of the shipping company's stock valued at $198,000 after acquiring an additional 3,000 shares during the period. Finally, Intech Investment Management LLC bought a new stake in Genco Shipping & Trading during the third quarter worth about $202,000. Hedge funds and other institutional investors own 58.62% of the company's stock.

Genco Shipping & Trading Stock Up 0.5 %

Shares of NYSE:GNK traded up $0.07 during trading on Monday, reaching $13.43. 359,372 shares of the stock traded hands, compared to its average volume of 612,787. Genco Shipping & Trading Limited has a 52-week low of $13.08 and a 52-week high of $23.43. The stock has a market cap of $574.03 million, a P/E ratio of 7.67, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99. The stock has a 50-day moving average of $14.18 and a two-hundred day moving average of $15.51. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09.

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Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its earnings results on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.27). The business had revenue of $67.95 million during the quarter, compared to the consensus estimate 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, 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 business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 8.94%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading's dividend payout ratio is currently 68.57%.

Insider Transactions at Genco Shipping & Trading

In related news, 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 value of $189,883.92. Following the completion of the sale, the insider now 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Peter George Allen sold 8,984 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $125,416.64. Following the completion of the transaction, the chief financial officer now directly owns 45,251 shares in the company, valued at $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 28,812 shares of company stock worth $402,216 over the last three months. 2.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on GNK. Jefferies Financial Group decreased their target price on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. StockNews.com lowered Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.