A number of other equities analysts also recently issued reports on GNK. Zacks Investment Research downgraded Genco Shipping & Trading from a buy rating to a hold rating in a research note on Thursday, October 31st. Noble Financial reissued a buy rating and set a $18.00 target price on shares of Genco Shipping & Trading in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Genco Shipping & Trading currently has an average rating of Hold and a consensus target price of $14.90.
Shares of GNK stock traded up $0.13 during trading hours on Wednesday, reaching $10.35. 165,990 shares of the company’s stock were exchanged, compared to its average volume of 225,355. The company has a market cap of $454.71 million, a P/E ratio of 16.17 and a beta of 1.06. The company’s 50 day moving average is $10.32 and its two-hundred day moving average is $9.27. Genco Shipping & Trading has a 1 year low of $6.83 and a 1 year high of $11.82. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.02 and a quick ratio of 1.83.
The firm also recently announced a None dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, November 20th.
In related news, Director Strategic Value Partners, Llc sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $10.00, for a total value of $20,000,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.32% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Genco Shipping & Trading by 34.2% in the 2nd quarter. BlackRock Inc. now owns 1,019,806 shares of the shipping company’s stock valued at $8,607,000 after purchasing an additional 260,096 shares in the last quarter. Northern Trust Corp increased its stake in Genco Shipping & Trading by 6.8% in the 2nd quarter. Northern Trust Corp now owns 131,286 shares of the shipping company’s stock valued at $1,108,000 after purchasing an additional 8,364 shares in the last quarter. Founders Capital Management increased its stake in Genco Shipping & Trading by 100.0% in the 3rd quarter. Founders Capital Management now owns 3,000 shares of the shipping company’s stock valued at $27,000 after purchasing an additional 1,500 shares in the last quarter. Aperio Group LLC purchased a new position in Genco Shipping & Trading in the 2nd quarter valued at approximately $28,000. Finally, Municipal Employees Retirement System of Michigan purchased a new position in Genco Shipping & Trading in the 2nd quarter valued at approximately $452,000. 83.27% of the stock is owned by hedge funds and other institutional investors.
Genco Shipping & Trading Company Profile
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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