Shell Asset Management Co. Trims Stake in Genco Shipping & Trading Limited (NYSE:GNK)

Shell Asset Management Co. lowered its stake in Genco Shipping & Trading Limited (NYSE:GNKGet Rating) by 12.9% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 SEC.

Other large investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Genco Shipping & Trading by 120.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,477 shares of the shipping company’s stock worth $88,000 after purchasing an additional 2,988 shares during the period. Counterpoint Mutual Funds LLC purchased a new position in shares of Genco Shipping & Trading during the 1st quarter worth $88,000. Lazard Asset Management LLC raised its position in shares of Genco Shipping & Trading by 27.9% in 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. PDT Partners LLC purchased a new position in shares of Genco Shipping & Trading in the 4th quarter worth $170,000. Finally, Sweet Financial Partners LLC purchased a new position in shares of Genco Shipping & Trading in the 4th quarter worth $200,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Transactions at Genco Shipping & Trading

In other news, CEO John C. Wobensmith sold 100,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 399,099 shares of the company’s stock, valued at $10,033,348.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Genco Shipping & Trading news, insider Robert E. Hughes sold 3,500 shares of the firm’s stock in a transaction dated 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 owns 742 shares of the company’s stock, valued at $18,394.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John C. Wobensmith sold 100,000 shares of the firm’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $25.14, for a total transaction of $2,514,000.00. Following the completion of the transaction, the chief executive officer now directly owns 399,099 shares in the company, valued at approximately $10,033,348.86. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,500 shares of company stock valued at $3,732,515. Insiders own 2.50% of the company’s stock.

Genco Shipping & Trading Stock Down 7.4 %

Shares of Genco Shipping & Trading stock opened at $17.51 on Friday. The business has a 50-day moving average of $20.10 and a 200-day moving average of $20.44. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.78 and a quick ratio of 2.16. 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 1-year low of $13.21 and a 1-year high of $27.15.

Genco Shipping & Trading (NYSE:GNKGet Rating) last issued its quarterly 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 company had revenue of $97.76 million for the quarter, compared to the consensus estimate of $95.11 million. As a group, equities analysts forecast that Genco Shipping & Trading Limited will post 4.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on GNK shares. StockNews.com raised Genco Shipping & Trading from a “hold” rating to a “buy” rating in a research report on Wednesday, July 13th. B. Riley increased their target price on Genco Shipping & Trading from $27.00 to $31.00 in a research report on Friday, May 6th. Jefferies Financial Group started coverage on Genco Shipping & Trading in a research report on Wednesday, July 20th. They issued a “buy” rating and a $25.00 target price on the stock. Alliance Global Partners started coverage on Genco Shipping & Trading in a report on Wednesday. They issued a “buy” rating and a $29.00 price target for the company. Finally, Clarkson Capital reiterated a “buy” rating on shares of Genco Shipping & Trading in a report on Tuesday, June 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Genco Shipping & Trading has a consensus rating of “Buy” and a consensus price target of $28.20.

About Genco Shipping & Trading

(Get Rating)

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.

Featured Articles

Want to see what other hedge funds are holding GNK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Genco Shipping & Trading Limited (NYSE:GNKGet Rating).

Institutional Ownership by Quarter for Genco Shipping & Trading (NYSE:GNK)

Receive News & Ratings for Genco Shipping & Trading Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Genco Shipping & Trading and related companies with MarketBeat.com's FREE daily email newsletter.