Genco Shipping & Trading Limited (NYSE:GNK) Major Shareholder Sells $6,824,883.78 in Stock

Genco Shipping & Trading Limited (NYSE:GNK) major shareholder Strategic Value Partners, Llc sold 795,441 shares of the firm’s stock in a transaction dated Friday, January 8th. The stock was sold at an average price of $8.58, for a total value of $6,824,883.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

  • On Tuesday, January 12th, Strategic Value Partners, Llc sold 6,902,062 shares of Genco Shipping & Trading stock. The stock was sold at an average price of $8.22, for a total value of $56,734,949.64.

Shares of Genco Shipping & Trading stock opened at $8.12 on Thursday. The business’s 50 day simple moving average is $7.56 and its 200 day simple moving average is $7.06. Genco Shipping & Trading Limited has a 52-week low of $4.27 and a 52-week high of $10.18. The firm has a market cap of $339.43 million, a PE ratio of -2.15 and a beta of 0.93. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.77 and a current ratio of 1.96.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, November 4th. The shipping company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.03). The firm had revenue of $54.04 million during the quarter, compared to analyst estimates of $54.10 million. Genco Shipping & Trading had a negative net margin of 43.05% and a negative return on equity of 2.43%. As a group, equities research analysts predict that Genco Shipping & Trading Limited will post -0.44 EPS for the current year.

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

Large investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA increased its position in shares of Genco Shipping & Trading by 352.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 3,897 shares of the shipping company’s stock worth $27,000 after purchasing an additional 3,036 shares during the last quarter. Tudor Investment Corp Et Al acquired a new position in shares of Genco Shipping & Trading during the 2nd quarter worth approximately $65,000. American International Group Inc. increased its position in shares of Genco Shipping & Trading by 16.5% during the 2nd quarter. American International Group Inc. now owns 10,463 shares of the shipping company’s stock worth $66,000 after purchasing an additional 1,482 shares during the last quarter. Bank of America Corp DE increased its position in shares of Genco Shipping & Trading by 47.2% during the 2nd quarter. Bank of America Corp DE now owns 13,383 shares of the shipping company’s stock worth $83,000 after purchasing an additional 4,290 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Genco Shipping & Trading during the 3rd quarter worth approximately $97,000. 78.85% of the stock is currently owned by hedge funds and other institutional investors.

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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