Foundry Partners LLC Increases Position in 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 its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 365,255 shares of the shipping company’s stock after purchasing an additional 28,795 shares during the quarter. Foundry Partners LLC’s holdings in Genco Shipping & Trading were worth $5,092,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in GNK. LPL Financial LLC lifted its position in shares of Genco Shipping & Trading by 3.1% during the fourth quarter. LPL Financial LLC now owns 24,566 shares of the shipping company’s stock valued at $342,000 after buying an additional 736 shares during the last quarter. Rhumbline Advisers lifted its position in Genco Shipping & Trading by 2.7% during the fourth quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company’s stock valued at $950,000 after acquiring an additional 1,800 shares during the last quarter. R Squared Ltd acquired a new stake in Genco Shipping & Trading in the fourth quarter valued at approximately $29,000. Commonwealth Equity Services LLC grew its holdings in Genco Shipping & Trading by 12.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 22,156 shares of the shipping company’s stock worth $309,000 after purchasing an additional 2,411 shares during the last quarter. Finally, Tidal Investments LLC increased its position in shares of Genco Shipping & Trading by 13.4% during the third quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock worth $479,000 after purchasing an additional 2,898 shares in the last quarter. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Down 7.8 %

Genco Shipping & Trading stock opened at $11.68 on Friday. Genco Shipping & Trading Limited has a 52 week low of $11.51 and a 52 week high of $23.43. The stock has a 50-day moving average price of $14.05 and a 200 day moving average price of $15.38. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $499.41 million, a price-to-earnings ratio of 6.67, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The business had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million. Sell-side analysts anticipate 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. Stockholders of record on Tuesday, March 11th were paid a $0.30 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.27%. Genco Shipping & Trading’s payout ratio is 68.57%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GNK. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Pareto Securities upgraded shares of Genco Shipping & Trading to a “strong-buy” rating in a report on Monday, March 31st. Finally, Jefferies Financial Group lowered 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. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Genco Shipping & Trading presently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Insider Activity at Genco Shipping & Trading

In related news, CAO Joseph Adamo sold 6,226 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $86,914.96. Following the sale, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $374,532.84. This trade represents a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter George Allen sold 8,984 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $125,416.64. Following the completion of the transaction, the chief financial officer now owns 45,251 shares of the company’s stock, valued at approximately $631,703.96. This trade represents a 16.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,812 shares of company stock worth $402,216. 2.08% 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.