Geode Capital Management LLC Decreases Stock Position in Genco Shipping & Trading Limited $GNK
Geode Capital Management LLC reduced its stake in Genco Shipping & Trading Limited by 5.4% in Q2. The stock opened at $18.85, with a 1-year range of $11.20-$19.60. Analysts expect a 0.48 EPS for the year. The company announced a $0.15 quarterly dividend. Insider Jesper Christensen sold 34,202 shares, decreasing his ownership by 33.02%. Jefferies Financial Group issued a "buy" rating with a $19.00 price target.
Geode Capital Management LLC trimmed its holdings in Genco Shipping & Trading Limited (NYSE:GNK - Free Report) by 5.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 982,641 shares of the shipping company's stock after selling 55,703 shares during the period. Geode Capital Management LLC owned 2.29% of Genco Shipping & Trading worth $12,845,000 as of its most recent filing with the Securities and Exchange Commission.
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Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its holdings in shares of Genco Shipping & Trading by 82.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company's stock valued at $25,000 after purchasing an additional 876 shares in the last quarter. Signaturefd LLC raised its position in shares of Genco Shipping & Trading by 239.0% during the 2nd quarter. Signaturefd LLC now owns 2,549 shares of the shipping company's stock worth $33,000 after purchasing an additional 1,797 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Genco Shipping & Trading in the 1st quarter valued at approximately $39,000. Farther Finance Advisors LLC grew its holdings in Genco Shipping & Trading by 303.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,275 shares of the shipping company's stock valued at $43,000 after buying an additional 2,463 shares during the last quarter. Finally, Amundi increased its position in Genco Shipping & Trading by 29.0% during the first quarter. Amundi now owns 8,000 shares of the shipping company's stock worth $101,000 after buying an additional 1,800 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company's stock.
Genco Shipping & Trading Price Performance
GNK opened at $18.85 on Wednesday. Genco Shipping & Trading Limited has a 1 year low of $11.20 and a 1 year high of $19.60. The company's 50 day simple moving average is $17.25 and its 200 day simple moving average is $16.04. The stock has a market capitalization of $815.16 million, a PE ratio of -110.89 and a beta of 1.17. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.98 and a current ratio of 2.36.
- Danaos Benefits from Increasing Demand in Container Shipping
Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The shipping company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The firm had revenue of $79.92 million during the quarter, compared to analyst estimates of $65.06 million. Genco Shipping & Trading had a negative net margin of 2.14% and a negative return on equity of 0.62%. Genco Shipping & Trading's revenue for the quarter was down 19.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 earnings per share. As a group, sell-side analysts expect that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.
Genco Shipping & Trading Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Monday, November 17th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, November 17th. Genco Shipping & Trading's dividend payout ratio (DPR) is -352.94%.
Insiders Place Their Bets
- ZIM Shipping Stock Forecast, Earnings Triggers a Buy
In related news, insider Jesper Christensen sold 34,202 shares of Genco Shipping & Trading stock in a transaction on Monday, September 8th. The stock was sold at an average price of $18.06, for a total value of $617,688.12. Following the transaction, the insider owned 69,363 shares in the company, valued at approximately $1,252,695.78. This trade represents a 33.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.08% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on GNK shares. Jefferies Financial Group restated a "buy" rating and issued a $19.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday, August 7th. SEB Equity Research set a $23.00 price target on shares of Genco Shipping & Trading in a research note on Friday, September 26th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Genco Shipping & Trading in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $21.00.
View Our Latest Stock Analysis on GNK
Genco Shipping & Trading Profile
(Free Report)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.
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