Genco Shipping & Trading Limited (NYSE:GNK) Shares Sold by Banque Cantonale Vaudoise

Posted by Defense World Staff on Jul 7th, 2023

Banque Cantonale Vaudoise decreased its holdings in Genco Shipping & Trading Limited (NYSE:GNK – Free Report) by 16.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,417 shares of the shipping company’s stock after selling 1,698 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Genco Shipping & Trading were worth $132,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new position in shares of Genco Shipping & Trading during the 1st quarter valued at about $26,000. Ensign Peak Advisors Inc raised its stake in shares of Genco Shipping & Trading by 53.2% during the 3rd quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock valued at $30,000 after buying an additional 840 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Genco Shipping & Trading by 114.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,603 shares of the shipping company’s stock valued at $32,000 after buying an additional 1,387 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Genco Shipping & Trading by 38,300.0% during the 4th quarter. Parallel Advisors LLC now owns 2,304 shares of the shipping company’s stock valued at $35,000 after buying an additional 2,298 shares during the last quarter. Finally, Gladius Capital Management LP purchased a new position in shares of Genco Shipping & Trading during the 4th quarter valued at about $41,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GNK shares. StockNews.com started coverage on Genco Shipping & Trading in a research note on Thursday, May 18th. They set a “hold” rating for the company. TheStreet upgraded Genco Shipping & Trading from a “c+” rating to a “b-” rating in a research note on Friday, June 23rd. Finally, Stifel Nicolaus lifted their price target on Genco Shipping & Trading from $23.00 to $24.00 in a research note on Tuesday, April 25th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.00.

Insider Buying and Selling

In related news, Director Arthur L. Regan sold 9,423 shares of Genco Shipping & Trading stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $14.03, for a total value of $132,204.69. Following the sale, the director now directly owns 99,671 shares in the company, valued at approximately $1,398,384.13. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.50% of the stock is currently owned by insiders.

Genco Shipping & Trading Trading Down 3.9 %

GNK stock opened at $13.49 on Friday. The company has a current ratio of 3.14, a quick ratio of 2.40 and a debt-to-equity ratio of 0.16. Genco Shipping & Trading Limited has a 12-month low of $11.92 and a 12-month high of $19.97. The stock has a market cap of $573.46 million, a price-to-earnings ratio of 4.85 and a beta of 1.08. The business’s 50-day moving average is $13.82 and its 200 day moving average is $15.64.

Genco Shipping & Trading (NYSE:GNK – Free Report) last posted its quarterly earnings data on Wednesday, May 3rd. The shipping company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.08). Genco Shipping & Trading had a return on equity of 12.64% and a net margin of 24.14%. The firm had revenue of $53.40 million during the quarter, compared to analyst estimates of $55.97 million. During the same quarter in the previous year, the firm posted $0.97 earnings per share. The company’s quarterly revenue was down 41.2% on a year-over-year basis. On average, sell-side analysts anticipate that Genco Shipping & Trading Limited will post 1.49 EPS for the current fiscal year.

Genco Shipping & Trading Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 23rd. Investors of record on Tuesday, May 16th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.45%. The ex-dividend date was Monday, May 15th. Genco Shipping & Trading’s payout ratio is 21.58%.

About Genco Shipping & Trading

(Free Report)

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, grains, coal, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.