Genco Shipping & Trading Limited (NYSE:GNK) hit a new 52-week low on Thursday . The company traded as low as $8.05 and last traded at $8.23, with a volume of 14871 shares trading hands. The stock had previously closed at $8.47.
GNK has been the subject of a number of research reports. Noble Financial reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Genco Shipping & Trading in a research note on Friday, August 10th. MED reaffirmed a “reduce” rating on shares of Genco Shipping & Trading in a research note on Tuesday, October 9th. B. Riley initiated coverage on Genco Shipping & Trading in a research note on Thursday, October 4th. They issued a “buy” rating and a $22.00 price objective for the company. Finally, ValuEngine cut Genco Shipping & Trading from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $19.36.
The firm has a market cap of $352.73 million, a PE ratio of -6.32 and a beta of 0.43. The company has a quick ratio of 1.89, a current ratio of 2.16 and a debt-to-equity ratio of 0.47.
In related news, CEO John C. Wobensmith sold 20,817 shares of Genco Shipping & Trading stock in a transaction on Wednesday, October 17th. The stock was sold at an average price of $12.24, for a total value of $254,800.08. Following the completion of the transaction, the chief executive officer now directly owns 267,142 shares in the company, valued at $3,269,818.08. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO John C. Wobensmith sold 12,210 shares of Genco Shipping & Trading stock in a transaction on Monday, October 15th. The shares were sold at an average price of $12.73, for a total value of $155,433.30. Following the completion of the transaction, the chief executive officer now owns 267,142 shares of the company’s stock, valued at $3,400,717.66. The disclosure for this sale can be found here. Company insiders own 1.23% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in GNK. Royal Bank of Canada boosted its holdings in Genco Shipping & Trading by 2,887.7% in the first quarter. Royal Bank of Canada now owns 14,550 shares of the shipping company’s stock valued at $207,000 after purchasing an additional 14,063 shares during the period. Acadian Asset Management LLC purchased a new stake in Genco Shipping & Trading during the 2nd quarter worth about $249,000. Engineers Gate Manager LP lifted its holdings in Genco Shipping & Trading by 212.5% during the 2nd quarter. Engineers Gate Manager LP now owns 44,276 shares of the shipping company’s stock worth $686,000 after buying an additional 30,109 shares during the last quarter. EAM Investors LLC purchased a new stake in Genco Shipping & Trading during the 2nd quarter worth about $683,000. Finally, EAM Global Investors LLC purchased a new stake in Genco Shipping & Trading during the 2nd quarter worth about $863,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.
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About Genco Shipping & Trading (NYSE:GNK)
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 ores, coal, grains, steel products, and other dry-bulk cargoes. The company charters its vessels primarily to trading houses, such as commodities traders; producers; and government-owned entities.
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