Renaissance Technologies LLC Reduces Stock Position in Genco Shipping & Trading Limited $GNK

Renaissance Technologies LLC cut its holdings in Genco Shipping & Trading Limited (NYSE:GNK) by 22.6% during the 1st quarter, Holdings Channel reports. The firm owned 381,918 shares of the shipping company’s stock after selling 111,700 shares during the period. Renaissance Technologies LLC’s holdings in Genco Shipping & Trading were worth $8,612,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Blue Trust Inc. raised its position in Genco Shipping & Trading by 230.1% during the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 939 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Genco Shipping & Trading in the 3rd quarter worth approximately $30,000. Strengthening Families & Communities LLC bought a new stake in shares of Genco Shipping & Trading in the 4th quarter worth approximately $31,000. Kemnay Advisory Services Inc. bought a new stake in shares of Genco Shipping & Trading in the 4th quarter worth approximately $32,000. Finally, Sunbelt Securities Inc. purchased a new position in shares of Genco Shipping & Trading during the third quarter valued at approximately $35,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $25.50 on Monday. The company has a 50-day simple moving average of $24.50 and a two-hundred day simple moving average of $23.33. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.98 and a quick ratio of 2.41. The firm has a market capitalization of $1.11 billion, a PE ratio of 67.10, a price-to-earnings-growth ratio of 3.13 and a beta of 0.94. Genco Shipping & Trading Limited has a one year low of $15.51 and a one year high of $27.25.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.19. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The firm had revenue of $114.43 million for the quarter, compared to the consensus estimate of $65.73 million. During the same quarter in the prior year, the business earned ($0.28) EPS. The business’s revenue for the quarter was up 60.6% on a year-over-year basis. On average, analysts anticipate that Genco Shipping & Trading Limited will post 2.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GNK has been the subject of a number of recent analyst reports. Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Finally, Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.67.

Genco Shipping & Trading Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.