Genco Shipping & Trading Limited $GNK Shares Purchased by Citigroup Inc.

Citigroup Inc. raised its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 727.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 215,412 shares of the shipping company’s stock after acquiring an additional 189,383 shares during the period. Citigroup Inc.’s holdings in Genco Shipping & Trading were worth $3,834,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its holdings in shares of Genco Shipping & Trading by 82.2% during the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after purchasing an additional 876 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new position in Genco Shipping & Trading during the third quarter worth about $30,000. State of Alaska Department of Revenue acquired a new stake in Genco Shipping & Trading in the 3rd quarter worth about $40,000. CWM LLC grew its holdings in Genco Shipping & Trading by 61.4% in the 3rd quarter. CWM LLC now owns 2,843 shares of the shipping company’s stock valued at $51,000 after buying an additional 1,082 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Genco Shipping & Trading by 230.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 4,618 shares of the shipping company’s stock valued at $60,000 after acquiring an additional 3,221 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $24.10 on Thursday. The company has a current ratio of 2.39, a quick ratio of 1.84 and a debt-to-equity ratio of 0.21. The company has a market cap of $1.04 billion, a PE ratio of -219.05, a P/E/G ratio of 5.49 and a beta of 1.14. The company’s fifty day simple moving average is $20.82 and its 200-day simple moving average is $18.70. Genco Shipping & Trading Limited has a 52 week low of $11.20 and a 52 week high of $24.81.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.04. Genco Shipping & Trading had a negative return on equity of 0.12% and a negative net margin of 1.28%.The firm had revenue of $109.92 million during the quarter, compared to the consensus estimate of $78.52 million. During the same period in the prior year, the firm earned $0.29 EPS. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 11th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 8.3%. The ex-dividend date is Wednesday, March 11th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. Genco Shipping & Trading’s dividend payout ratio (DPR) is -545.45%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on GNK shares. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 29th. Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Alliance Global Partners downgraded Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Finally, Zacks Research raised Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 17th. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $21.00.

Insider Buying and Selling

In other news, CFO Peter George Allen sold 13,315 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $23.66, for a total transaction of $315,032.90. Following the transaction, the chief financial officer directly owned 66,702 shares of the company’s stock, valued at approximately $1,578,169.32. The trade was a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Joseph Adamo sold 6,340 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $23.67, for a total transaction of $150,067.80. Following the sale, the chief accounting officer directly owned 38,519 shares of the company’s stock, valued at approximately $911,744.73. The trade was a 14.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 55,824 shares of company stock valued at $1,313,949. Corporate insiders own 2.37% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.