Foundry Partners LLC Buys 28,795 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

Foundry Partners LLC increased its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 8.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 365,255 shares of the shipping company’s stock after acquiring an additional 28,795 shares during the quarter. Foundry Partners LLC owned about 0.85% of Genco Shipping & Trading worth $5,092,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Genco Shipping & Trading by 70.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after acquiring an additional 219,907 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Genco Shipping & Trading by 155.0% during the third quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after purchasing an additional 173,270 shares during the last quarter. Barclays PLC lifted its position 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 purchasing an additional 86,147 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Genco Shipping & Trading by 51.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,355 shares of the shipping company’s stock worth $911,000 after buying an additional 22,316 shares in the last quarter. Finally, Townsend & Associates Inc increased its holdings in shares of Genco Shipping & Trading by 2.2% in the 4th quarter. Townsend & Associates Inc now owns 1,071,959 shares of the shipping company’s stock worth $15,318,000 after buying an additional 23,101 shares during the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Genco Shipping & Trading

In related news, CAO Joseph Adamo sold 6,226 shares of the 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 transaction, the chief accounting officer now owns 26,829 shares of the company’s stock, valued at $374,532.84. This represents a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Peter George Allen sold 8,984 shares of Genco Shipping & Trading stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $125,416.64. Following the sale, the chief financial officer now directly owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. This trade represents a 16.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,812 shares of company stock valued at $402,216. 2.08% of the stock is currently owned by company insiders.

Genco Shipping & Trading Trading Down 7.8 %

GNK opened at $11.68 on Friday. 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 stock’s 50 day moving average price is $14.05 and its 200-day moving average price is $15.38. Genco Shipping & Trading Limited has a one year low of $11.51 and a one year high of $23.43. The stock has a market cap of $499.41 million, a price-to-earnings ratio of 6.67, a P/E/G ratio of 5.64 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results 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 business had revenue of $67.95 million during the quarter, compared to analysts’ expectations of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. On average, equities analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current 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 $0.30 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a yield of 10.27%. Genco Shipping & Trading’s dividend payout ratio is currently 68.57%.

Analyst Ratings Changes

Several brokerages have weighed in on GNK. Pareto Securities raised Genco Shipping & Trading to a “strong-buy” rating in a research note on Monday, March 31st. Jefferies Financial Group dropped their target price on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Finally, StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

About Genco Shipping & Trading

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.