Accurate Wealth Management LLC Grows Position in Genco Shipping & Trading Limited $GNK

Accurate Wealth Management LLC increased its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 9.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 67,798 shares of the shipping company’s stock after purchasing an additional 5,892 shares during the period. Accurate Wealth Management LLC owned approximately 0.16% of Genco Shipping & Trading worth $886,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Townsend & Associates Inc boosted its stake in shares of Genco Shipping & Trading by 17.7% during the 1st quarter. Townsend & Associates Inc now owns 1,261,959 shares of the shipping company’s stock worth $15,484,000 after purchasing an additional 190,000 shares during the period. Robeco Institutional Asset Management B.V. purchased a new stake in Genco Shipping & Trading in the 1st quarter valued at about $869,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Genco Shipping & Trading by 6,887.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,676,967 shares of the shipping company’s stock worth $22,404,000 after acquiring an additional 1,652,966 shares in the last quarter. American Century Companies Inc. grew its stake in Genco Shipping & Trading by 7.4% in the 1st quarter. American Century Companies Inc. now owns 1,462,880 shares of the shipping company’s stock worth $19,544,000 after acquiring an additional 101,283 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Genco Shipping & Trading by 36.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,852 shares of the shipping company’s stock worth $1,782,000 after acquiring an additional 33,949 shares in the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Trading Down 1.2%

NYSE:GNK opened at $19.03 on Thursday. Genco Shipping & Trading Limited has a one year low of $11.20 and a one year high of $19.60. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.20 and a current ratio of 1.63. The firm has a market cap of $817.31 million, a P/E ratio of 55.96 and a beta of 1.22. The firm has a 50-day simple moving average of $16.92 and a 200-day simple moving average of $14.62.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, August 6th. The shipping company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The business had revenue of $46.90 million during the quarter, compared to analyst estimates of $50.19 million. During the same quarter in the previous year, the business posted $0.46 EPS. The company’s quarterly revenue was down 24.4% compared to the same quarter last year. Equities analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 18th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Monday, August 18th. Genco Shipping & Trading’s payout ratio is 176.47%.

Analyst Ratings Changes

Separately, Jefferies Financial Group restated a “buy” rating and issued a $19.00 target price on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $18.00.

Insider Activity at Genco Shipping & Trading

In related news, insider Jesper Christensen sold 34,202 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $18.06, for a total transaction of $617,688.12. Following the completion of the transaction, the insider owned 69,363 shares in the company, valued at $1,252,695.78. The trade was a 33.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.37% of the stock is currently owned by company insiders.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.