Genco Shipping & Trading Limited (GNK) Position Boosted by SG Americas Securities LLC

SG Americas Securities LLC lifted its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 598.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 65,729 shares of the shipping company’s stock after buying an additional 56,323 shares during the period. SG Americas Securities LLC owned 0.16% of Genco Shipping & Trading worth $920,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Millennium Management LLC raised its stake 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 purchasing an additional 658,468 shares during the period. Alambic Investment Management L.P. purchased a new position in Genco Shipping & Trading during the second quarter worth approximately $805,000. Tower Research Capital LLC TRC raised its stake in Genco Shipping & Trading by 507.7% during the second quarter. Tower Research Capital LLC TRC now owns 24,307 shares of the shipping company’s stock worth $376,000 after purchasing an additional 20,307 shares during the period. EAM Investors LLC purchased a new position in Genco Shipping & Trading during the second quarter worth approximately $683,000. Finally, BlackRock Inc. raised its stake 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 purchasing an additional 332,725 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have weighed in on the stock. B. Riley assumed coverage on shares of Genco Shipping & Trading in a research note on Thursday, October 4th. They set a “buy” rating and a $22.00 price target on the stock. reaffirmed a “reduce” rating on shares of Genco Shipping & Trading in a research note on Tuesday, October 9th. Finally, Noble Financial reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a research note on Thursday, October 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. Genco Shipping & Trading presently has an average rating of “Buy” and an average price target of $19.36.

In related news, CEO John C. Wobensmith sold 12,210 shares of the firm’s stock in a transaction on Monday, October 15th. The shares were sold at an average price of $12.73, for a total transaction of $155,433.30. Following the completion of the sale, the chief executive officer now directly owns 267,142 shares of the company’s stock, valued at approximately $3,400,717.66. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO John C. Wobensmith sold 20,817 shares of the firm’s stock in a transaction on Wednesday, October 17th. The shares were sold at an average price of $12.24, for a total transaction of $254,800.08. Following the sale, the chief executive officer now directly owns 267,142 shares of the company’s stock, valued at $3,269,818.08. The disclosure for this sale can be found here. Company insiders own 1.23% of the company’s stock.

Shares of GNK stock opened at $8.21 on Thursday. Genco Shipping & Trading Limited has a 52 week low of $7.83 and a 52 week high of $20.07. The company has a current ratio of 2.16, a quick ratio of 1.89 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $341.07 million, a PE ratio of -6.36 and a beta of 0.43.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, November 7th. The shipping company reported $0.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.01. Genco Shipping & Trading had a negative net margin of 14.73% and a positive return on equity of 1.11%. The business had revenue of $92.26 million for the quarter, compared to the consensus estimate of $61.91 million. On average, equities analysts expect that Genco Shipping & Trading Limited will post 0.57 earnings per share for the current year.

WARNING: “Genco Shipping & Trading Limited (GNK) Position Boosted by SG Americas Securities LLC” was first posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this piece on another site, it was copied illegally and republished in violation of US and international copyright and trademark laws. The legal version of this piece can be accessed at https://www.dispatchtribunal.com/2018/12/13/genco-shipping-trading-limited-gnk-position-boosted-by-sg-americas-securities-llc.html.

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.

Recommended Story: New Google Finance Tool and Screening Stocks

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.


Leave a Reply