Mirae Asset Global Investments Co. Ltd. Raises Stock Position in Genco Shipping & Trading Limited (NYSE:GNK)

Posted by on Aug 5th, 2023

Mirae Asset Global Investments Co. Ltd. grew its holdings in Genco Shipping & Trading Limited (NYSE:GNK – Free Report) by 7,675.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,200,057 shares of the shipping company’s stock after acquiring an additional 1,184,623 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 2.82% of Genco Shipping & Trading worth $18,793,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Acadian Asset Management LLC purchased a new position in shares of Genco Shipping & Trading in the 1st quarter valued at $26,000. Ensign Peak Advisors Inc increased its stake in Genco Shipping & Trading by 53.2% during the 3rd quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock worth $30,000 after buying an additional 840 shares during the period. Tower Research Capital LLC TRC increased its stake in Genco Shipping & Trading by 114.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,603 shares of the shipping company’s stock worth $32,000 after buying an additional 1,387 shares during the period. Parallel Advisors LLC increased its stake in Genco Shipping & Trading by 38,300.0% during the 4th quarter. Parallel Advisors LLC now owns 2,304 shares of the shipping company’s stock worth $35,000 after buying an additional 2,298 shares during the period. Finally, Gladius Capital Management LP purchased a new stake in Genco Shipping & Trading during the 4th quarter worth $41,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Genco Shipping & Trading Price Performance

GNK opened at $13.95 on Friday. The company has a 50-day moving average of $13.82 and a 200-day moving average of $15.41. The company has a market capitalization of $592.80 million, a P/E ratio of 5.02 and a beta of 1.09. Genco Shipping & Trading Limited has a 1-year low of $11.92 and a 1-year high of $19.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.40 and a current ratio of 3.14.

Genco Shipping & Trading (NYSE:GNK – Get Free Report) last released its earnings results on Friday, August 4th. The shipping company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.04. Genco Shipping & Trading had a net margin of 24.14% and a return on equity of 12.64%. The company had revenue of $90.60 million during the quarter, compared to the consensus estimate of $61.69 million. During the same quarter in the previous year, the firm earned $1.10 EPS. The company’s revenue was down 34.3% on a year-over-year basis. Equities analysts expect that Genco Shipping & Trading Limited will post 0.94 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on GNK shares. StockNews.com started coverage on shares of Genco Shipping & Trading in a research note on Thursday, May 18th. They set a “hold” rating on the stock. BTIG Research dropped their price target on shares of Genco Shipping & Trading from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, July 21st. TheStreet raised shares of Genco Shipping & Trading from a “c+” rating to a “b-” rating in a research note on Friday, June 23rd. Finally, Stifel Nicolaus dropped their target price on shares of Genco Shipping & Trading from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, July 19th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.40.

Insider Activity

In other news, Director Arthur L. Regan sold 9,423 shares of Genco Shipping & Trading stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $14.03, for a total value of $132,204.69. Following the completion of the transaction, the director now directly owns 99,671 shares of the company’s stock, valued at approximately $1,398,384.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.50% of the company’s stock.

Genco Shipping & Trading Profile

(Free Report)

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

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