Empowered Funds LLC Has $3.54 Million Stock Holdings in Genco Shipping & Trading Limited $GNK

Empowered Funds LLC reduced its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 1.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 270,969 shares of the shipping company’s stock after selling 3,432 shares during the quarter. Empowered Funds LLC’s holdings in Genco Shipping & Trading were worth $3,542,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its position in Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after buying an additional 876 shares during the period. Signaturefd LLC raised its stake in shares of Genco Shipping & Trading by 239.0% during the second quarter. Signaturefd LLC now owns 2,549 shares of the shipping company’s stock valued at $33,000 after acquiring an additional 1,797 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of Genco Shipping & Trading during the first quarter worth $39,000. Farther Finance Advisors LLC grew its stake in shares of Genco Shipping & Trading by 303.3% in the second quarter. Farther Finance Advisors LLC now owns 3,275 shares of the shipping company’s stock worth $43,000 after purchasing an additional 2,463 shares during the last quarter. Finally, Amundi increased its holdings in Genco Shipping & Trading by 29.0% in the first quarter. Amundi now owns 8,000 shares of the shipping company’s stock valued at $101,000 after purchasing an additional 1,800 shares during the period. Institutional investors own 58.62% of the company’s stock.

Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, insider Jesper Christensen sold 34,202 shares of the firm’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $18.06, for a total value of $617,688.12. Following the completion of the sale, the insider directly owned 69,363 shares in the company, valued at approximately $1,252,695.78. This trade represents a 33.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.37% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GNK. SEB Equity Research set a $23.00 target price on Genco Shipping & Trading in a report on Friday, September 26th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Wednesday. Finally, Jefferies Financial Group reissued a “buy” rating and set a $19.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $21.00.

Genco Shipping & Trading Stock Up 2.6%

Shares of NYSE:GNK opened at $17.85 on Friday. Genco Shipping & Trading Limited has a 1 year low of $11.20 and a 1 year high of $19.60. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20. The business’s 50-day moving average is $17.22 and its 200-day moving average is $15.78. The company has a market capitalization of $772.06 million, a price-to-earnings ratio of 52.51 and a beta of 1.20.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, November 5th. The shipping company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The business had revenue of $79.92 million during the quarter, compared to the consensus estimate of $65.06 million. During the same period in the previous year, the company posted $0.41 earnings per share. The firm’s revenue for the quarter was down 19.5% on a year-over-year basis. Equities research analysts predict that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Genco Shipping & Trading Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Investors of record on Monday, November 17th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Monday, November 17th. Genco Shipping & Trading’s payout ratio is presently -352.94%.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.