Shell Asset Management Co. cut its stake in shares of Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) by 12.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,070 shares of the shipping company’s stock after selling 2,673 shares during the quarter. Shell Asset Management Co.’s holdings in Genco Shipping & Trading were worth $427,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in GNK. Lazard Asset Management LLC boosted its position in Genco Shipping & Trading by 27.9% during the 4th quarter. Lazard Asset Management LLC now owns 6,202 shares of the shipping company’s stock worth $99,000 after buying an additional 1,354 shares during the period. Mraz Amerine & Associates Inc. grew its stake in shares of Genco Shipping & Trading by 7.1% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 25,790 shares of the shipping company’s stock worth $609,000 after acquiring an additional 1,713 shares in the last quarter. GSA Capital Partners LLP grew its stake in shares of Genco Shipping & Trading by 10.9% in the 4th quarter. GSA Capital Partners LLP now owns 19,519 shares of the shipping company’s stock worth $312,000 after acquiring an additional 1,911 shares in the last quarter. Northern Trust Corp grew its stake in shares of Genco Shipping & Trading by 0.9% in the 4th quarter. Northern Trust Corp now owns 299,939 shares of the shipping company’s stock worth $4,799,000 after acquiring an additional 2,688 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Genco Shipping & Trading by 120.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,477 shares of the shipping company’s stock worth $88,000 after acquiring an additional 2,988 shares in the last quarter. 75.90% of the stock is owned by institutional investors.
Analysts Set New Price Targets
GNK has been the topic of a number of research analyst reports. Jefferies Financial Group initiated coverage on shares of Genco Shipping & Trading in a report on Wednesday, July 20th. They issued a “buy” rating and a $25.00 price target on the stock. B. Riley boosted their price target on shares of Genco Shipping & Trading from $27.00 to $31.00 in a report on Friday, May 6th. Clarkson Capital reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a report on Tuesday, June 14th. Alliance Global Partners assumed coverage on shares of Genco Shipping & Trading in a report on Wednesday. They set a “buy” rating and a $29.00 price objective on the stock. Finally, StockNews.com raised shares of Genco Shipping & Trading from a “hold” rating to a “buy” rating in a report on Wednesday, July 13th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $28.20.
Insider Buying and Selling
In related news, insider Robert E. Hughes sold 3,500 shares of Genco Shipping & Trading stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $24.79, for a total value of $86,765.00. Following the transaction, the insider now directly owns 742 shares of the company’s stock, valued at $18,394.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Robert E. Hughes sold 3,500 shares of Genco Shipping & Trading stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $24.79, for a total value of $86,765.00. Following the sale, the insider now owns 742 shares in the company, valued at $18,394.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John C. Wobensmith sold 100,000 shares of Genco Shipping & Trading stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $25.14, for a total transaction of $2,514,000.00. Following the completion of the sale, the chief executive officer now owns 399,099 shares in the company, valued at approximately $10,033,348.86. The disclosure for this sale can be found here. Insiders have sold a total of 148,500 shares of company stock valued at $3,732,515 over the last three months. 2.50% of the stock is owned by company insiders.
Genco Shipping & Trading Trading Down 7.4 %
GNK stock opened at $17.51 on Friday. The company has a market capitalization of $737.21 million, a PE ratio of 3.37 and a beta of 0.90. Genco Shipping & Trading Limited has a one year low of $13.21 and a one year high of $27.15. The company’s 50 day moving average price is $20.10 and its two-hundred day moving average price is $20.44. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.16 and a current ratio of 2.78.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last issued its earnings results on Wednesday, May 4th. The shipping company reported $0.97 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.01). Genco Shipping & Trading had a return on equity of 25.50% and a net margin of 37.21%. The firm had revenue of $97.76 million during the quarter, compared to analysts’ expectations of $95.11 million. As a group, analysts predict that Genco Shipping & Trading Limited will post 4.62 earnings per share for the current fiscal year.
Genco Shipping & Trading Profile
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to 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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