TrueMark Investments LLC Sells 19,577 Shares of Genco Shipping & Trading Limited (NYSE:GNK)

TrueMark Investments LLC decreased its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 46.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,904 shares of the shipping company’s stock after selling 19,577 shares during the quarter. TrueMark Investments LLC’s holdings in Genco Shipping & Trading were worth $319,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of GNK. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Genco Shipping & Trading by 37.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,039 shares of the shipping company’s stock worth $839,000 after purchasing an additional 11,707 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Genco Shipping & Trading during the 3rd quarter worth $202,000. Charles Schwab Investment Management Inc. boosted its stake in Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after buying an additional 219,907 shares in the last quarter. Kingsview Wealth Management LLC bought a new position in Genco Shipping & Trading in the third quarter valued at about $685,000. Finally, Loomis Sayles & Co. L P raised its stake in Genco Shipping & Trading by 6.0% during the third quarter. Loomis Sayles & Co. L P now owns 501,503 shares of the shipping company’s stock worth $9,779,000 after acquiring an additional 28,314 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Stock Down 0.5 %

Shares of NYSE GNK opened at $13.40 on Thursday. Genco Shipping & Trading Limited has a 1 year low of $13.14 and a 1 year high of $23.43. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The firm has a market cap of $572.79 million, a PE ratio of 7.65, a price-to-earnings-growth ratio of 5.64 and a beta of 0.99. The company has a 50 day simple moving average of $14.22 and a 200 day simple moving average of $15.56.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (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 the consensus estimate of $67.36 million. On average, research 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 declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were given 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 dividend yield of 8.96%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 68.57%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GNK. StockNews.com lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Jefferies Financial Group decreased their target price on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $23.00.

Insider Activity

In other Genco Shipping & Trading news, insider Jesper Christensen sold 13,602 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $189,883.92. Following the completion of the sale, the insider now owns 57,322 shares of the company’s stock, valued at approximately $800,215.12. This represents a 19.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Joseph Adamo sold 6,226 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $86,914.96. Following the transaction, the chief accounting officer now owns 26,829 shares of the company’s stock, valued at approximately $374,532.84. The trade was a 18.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,812 shares of company stock valued at $402,216. Company insiders own 2.50% of the company’s stock.

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.