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

AXQ Capital LP purchased a new stake in Genco Shipping & Trading Limited (NYSE:GNK) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 11,634 shares of the shipping company’s stock, valued at approximately $162,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rhumbline Advisers raised its position in shares of Genco Shipping & Trading by 2.7% in the 4th quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company’s stock valued at $950,000 after buying an additional 1,800 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Genco Shipping & Trading in the 4th quarter valued at $29,000. Commonwealth Equity Services LLC boosted its holdings in shares of Genco Shipping & Trading by 12.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 22,156 shares of the shipping company’s stock valued at $309,000 after purchasing an additional 2,411 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Genco Shipping & Trading by 13.4% during the 3rd quarter. Tidal Investments LLC now owns 24,587 shares of the shipping company’s stock worth $479,000 after buying an additional 2,898 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Genco Shipping & Trading by 26.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,190 shares of the shipping company’s stock worth $198,000 after buying an additional 3,000 shares during the last quarter. Institutional investors own 58.62% of the company’s stock.

Analyst Upgrades and Downgrades

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

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $13.55 on Tuesday. The business’s 50-day moving average price is $14.27 and its 200-day moving average price is $15.60. Genco Shipping & Trading Limited has a 12 month low of $13.36 and a 12 month high of $23.43. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $579.50 million, a price-to-earnings ratio of 7.74, a PEG ratio of 5.64 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). The business 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%. Equities 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 announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 8.85%. The ex-dividend date of this dividend was Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is currently 68.57%.

Insiders Place Their Bets

In other news, CAO Joseph Adamo sold 6,226 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the transaction, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $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 accessible through this link. Also, CFO Peter George Allen sold 8,984 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the completion of the sale, the chief financial officer now directly owns 45,251 shares in the company, valued at approximately $631,703.96. This represents a 16.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,812 shares of company stock valued at $402,216. 2.50% of the stock is currently owned by company insiders.

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.