AXQ Capital LP Invests $162,000 in Genco Shipping & Trading Limited (NYSE:GNK)

AXQ Capital LP acquired a new position in Genco Shipping & Trading Limited (NYSE:GNK) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,634 shares of the shipping company’s stock, valued at approximately $162,000.

Several other large investors have also added to or reduced their stakes in GNK. Teacher Retirement System of Texas bought a new stake in Genco Shipping & Trading during the 4th quarter worth about $3,692,000. Charles Schwab Investment Management Inc. raised its holdings in Genco Shipping & Trading by 70.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after acquiring an additional 219,907 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Genco Shipping & Trading by 155.0% during the third quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock valued at $5,559,000 after purchasing an additional 173,270 shares during the last quarter. Royce & Associates LP grew its stake in Genco Shipping & Trading by 23.9% in the fourth quarter. Royce & Associates LP now owns 597,860 shares of the shipping company’s stock valued at $8,334,000 after purchasing an additional 115,173 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Genco Shipping & Trading by 8.9% during the 4th quarter. American Century Companies Inc. now owns 1,361,597 shares of the shipping company’s stock worth $18,981,000 after purchasing an additional 111,564 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Down 0.6 %

Shares of Genco Shipping & Trading stock opened at $13.55 on Tuesday. Genco Shipping & Trading Limited has a 1 year low of $13.36 and a 1 year high of $23.43. The company has a market capitalization of $579.50 million, a price-to-earnings ratio of 7.74, a P/E/G ratio of 5.64 and a beta of 0.99. The business has a fifty day simple moving average of $14.27 and a two-hundred day simple moving average of $15.60. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.27). The company had revenue of $67.95 million for the quarter, compared to the consensus estimate of $67.36 million. Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. Research analysts forecast that Genco Shipping & Trading Limited will post 0.48 EPS for the current year.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th were paid a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.85%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently 68.57%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GNK shares. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Jefferies Financial Group lowered their price objective 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Insider Buying and Selling

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,226 shares of Genco Shipping & Trading stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the completion of the sale, the chief accounting officer now owns 26,829 shares in the company, valued at $374,532.84. The trade was a 18.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Peter George Allen sold 8,984 shares of the 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 $125,416.64. Following the transaction, the chief financial officer now owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,812 shares of company stock valued at $402,216. Insiders own 2.50% of the company’s stock.

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.