John C. Wobensmith Sells 12,210 Shares of Genco Shipping & Trading Limited (GNK) Stock

Genco Shipping & Trading Limited (NYSE:GNK) CEO John C. Wobensmith sold 12,210 shares of Genco Shipping & Trading stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $12.73, for a total value of $155,433.30. Following the transaction, the chief executive officer now directly owns 267,142 shares in the company, valued at approximately $3,400,717.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Shares of NYSE:GNK traded down $0.49 during trading on Wednesday, reaching $12.18. The company had a trading volume of 190,400 shares, compared to its average volume of 191,775. The firm has a market cap of $581.66 million, a P/E ratio of -9.44 and a beta of -0.07. The company has a current ratio of 4.14, a quick ratio of 3.85 and a debt-to-equity ratio of 0.39. Genco Shipping & Trading Limited has a fifty-two week low of $9.75 and a fifty-two week high of $20.07.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, August 8th. The shipping company reported $0.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.04. Genco Shipping & Trading had a negative return on equity of 0.59% and a negative net margin of 29.58%. The firm had revenue of $86.16 million for the quarter, compared to analyst estimates of $59.97 million. Research analysts forecast that Genco Shipping & Trading Limited will post 0.78 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the stock. Evermore Global Advisors LLC acquired a new position in Genco Shipping & Trading during the second quarter worth $28,182,000. Millennium Management LLC grew its holdings in Genco Shipping & Trading by 391.0% during the second quarter. Millennium Management LLC now owns 826,870 shares of the shipping company’s stock worth $12,816,000 after acquiring an additional 658,468 shares during the period. BlackRock Inc. grew its holdings in Genco Shipping & Trading by 95.2% during the second quarter. BlackRock Inc. now owns 682,079 shares of the shipping company’s stock worth $10,572,000 after acquiring an additional 332,725 shares during the period. Renaissance Technologies LLC grew its holdings in Genco Shipping & Trading by 119.1% during the second quarter. Renaissance Technologies LLC now owns 612,530 shares of the shipping company’s stock worth $9,494,000 after acquiring an additional 333,000 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Genco Shipping & Trading by 216.4% during the second quarter. Dimensional Fund Advisors LP now owns 455,281 shares of the shipping company’s stock worth $7,057,000 after acquiring an additional 311,378 shares during the period. 87.68% of the stock is currently owned by hedge funds and other institutional investors.

GNK has been the topic of a number of recent research reports. MED reissued a “reduce” rating on shares of Genco Shipping & Trading in a report on Tuesday, October 9th. Zacks Investment Research raised Genco Shipping & Trading from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a report on Wednesday, June 20th. Noble Financial set a $24.00 target price on Genco Shipping & Trading and gave the company a “buy” rating in a report on Thursday, July 19th. ValuEngine lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Finally, B. Riley initiated coverage on Genco Shipping & Trading in a report on Thursday, October 4th. They issued a “buy” rating and a $22.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $18.81.

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 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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