Renaissance Technologies LLC Cuts Stock Position in Genco Shipping & Trading Limited $GNK

Renaissance Technologies LLC cut its position in shares of Genco Shipping & Trading Limited (NYSE:GNK) by 22.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 381,918 shares of the shipping company’s stock after selling 111,700 shares during the quarter. Renaissance Technologies LLC owned approximately 0.88% of Genco Shipping & Trading worth $8,612,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of GNK. Blue Trust Inc. lifted its position in Genco Shipping & Trading by 230.1% in the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock worth $30,000 after buying an additional 939 shares during the last quarter. Advisory Services Network LLC bought a new position in Genco Shipping & Trading during the third quarter valued at approximately $30,000. Strengthening Families & Communities LLC bought a new position in Genco Shipping & Trading during the fourth quarter valued at approximately $31,000. Kemnay Advisory Services Inc. purchased a new position in shares of Genco Shipping & Trading during the fourth quarter worth approximately $32,000. Finally, Sunbelt Securities Inc. purchased a new position in shares of Genco Shipping & Trading during the third quarter worth approximately $35,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GNK. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $29.00 price target on shares of Genco Shipping & Trading in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $23.67.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $25.50 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.98. Genco Shipping & Trading Limited has a fifty-two week low of $15.51 and a fifty-two week high of $27.25. The stock has a 50 day moving average price of $24.50 and a two-hundred day moving average price of $23.33. The company has a market capitalization of $1.11 billion, a P/E ratio of 67.10, a PEG ratio of 3.13 and a beta of 0.94.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.19. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The firm had revenue of $114.43 million during the quarter, compared to analyst estimates of $65.73 million. During the same quarter in the prior year, the firm posted ($0.28) earnings per share. The business’s quarterly revenue was up 60.6% compared to the same quarter last year. Analysts expect that Genco Shipping & Trading Limited will post 2.12 earnings per share for the current year.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.