Genco Shipping & Trading Limited (NYSE:GNK) Major Shareholder Sells $56,734,949.64 in Stock


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Genco Shipping & Trading Limited (NYSE:GNK) major shareholder Strategic Value Partners, Llc sold 6,902,062 shares of the stock in a transaction on Tuesday, January 12th. The shares were sold at an average price of $8.22, for a total transaction of $56,734,949.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Strategic Value Partners, Llc also recently made the following trade(s):

  • On Friday, January 8th, Strategic Value Partners, Llc sold 795,441 shares of Genco Shipping & Trading stock. The stock was sold at an average price of $8.58, for a total transaction of $6,824,883.78.

Shares of Genco Shipping & Trading stock opened at $8.12 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.96 and a quick ratio of 1.77. Genco Shipping & Trading Limited has a 1 year low of $4.27 and a 1 year high of $10.18. The firm’s 50-day moving average is $7.56 and its two-hundred day moving average is $7.06. The stock has a market cap of $339.43 million, a price-to-earnings ratio of -2.15 and a beta of 0.93.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, November 4th. The shipping company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.03). Genco Shipping & Trading had a negative return on equity of 2.43% and a negative net margin of 43.05%. The business had revenue of $54.04 million for the quarter, compared to the consensus estimate of $54.10 million. On average, equities analysts expect that Genco Shipping & Trading Limited will post -0.44 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in GNK. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Genco Shipping & Trading by 53.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 259,999 shares of the shipping company’s stock valued at $1,794,000 after buying an additional 90,561 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Genco Shipping & Trading by 186.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 72,666 shares of the shipping company’s stock valued at $456,000 after buying an additional 47,330 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at about $178,000. Squarepoint Ops LLC bought a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at about $143,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at about $97,000. Institutional investors and hedge funds own 78.85% of the company’s stock.

Several research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Monday, January 4th. BidaskClub raised shares of Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research note on Tuesday, January 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $10.44.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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