Dark Forest Capital Management LP Trims Stake in Genco Shipping & Trading Limited (NYSE:GNK)

Dark Forest Capital Management LP lessened its holdings in shares of Genco Shipping & Trading Limited (NYSE:GNKGet Rating) by 37.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,158 shares of the shipping company’s stock after selling 6,209 shares during the period. Dark Forest Capital Management LP’s holdings in Genco Shipping & Trading were worth $196,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth approximately $25,000. Spire Wealth Management bought a new stake in shares of Genco Shipping & Trading during the second quarter worth $26,000. Acadian Asset Management LLC purchased a new stake in shares of Genco Shipping & Trading during the first quarter valued at $26,000. Edmond DE Rothschild Holding S.A. bought a new position in shares of Genco Shipping & Trading in the first quarter worth about $28,000. Finally, Penserra Capital Management LLC purchased a new position in Genco Shipping & Trading in the 1st quarter worth about $47,000. Institutional investors own 80.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. B. Riley lowered their price objective on shares of Genco Shipping & Trading from $31.00 to $27.00 and set a “buy” rating for the company in a research report on Monday, October 10th. Stifel Nicolaus initiated coverage on Genco Shipping & Trading in a research note on Thursday, September 29th. They issued a “buy” rating and a $20.00 price objective on the stock. Jefferies Financial Group decreased their target price on Genco Shipping & Trading from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, September 26th. BTIG Research lowered their target price on Genco Shipping & Trading to $22.00 in a report on Tuesday, November 15th. Finally, StockNews.com started coverage on Genco Shipping & Trading in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Genco Shipping & Trading has an average rating of “Moderate Buy” and a consensus price target of $23.20.

Genco Shipping & Trading Stock Performance

Shares of Genco Shipping & Trading stock opened at $14.61 on Friday. The company has a market capitalization of $618.44 million, a PE ratio of 2.84 and a beta of 1.05. The company has a 50-day simple moving average of $14.28 and a two-hundred day simple moving average of $16.70. Genco Shipping & Trading Limited has a one year low of $11.92 and a one year high of $27.15. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.05 and a current ratio of 2.63.

Genco Shipping & Trading Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 28th. Shareholders of record on Monday, November 21st were issued a $0.78 dividend. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.50. This represents a $3.12 annualized dividend and a yield of 21.36%. The ex-dividend date was Friday, November 18th. Genco Shipping & Trading’s payout ratio is currently 60.58%.

About Genco Shipping & Trading

(Get Rating)

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

See Also

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Institutional Ownership by Quarter for Genco Shipping & Trading (NYSE:GNK)

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