Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (GNK) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (NYSE:GNK) from a hold rating to a sell rating in a report released on Wednesday morning.

According to Zacks, “Genco Shipping & Trading Ltd. is a ship owning company. It transport iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes. The company owned fleet of dry cargo vessels which consists of Capesize, Panamax, Ultramax, Supramax, Handymax and Handysize vessels. Genco Shipping & Trading Ltd. is based in New York, United States. “

A number of other research analysts also recently issued reports on the stock. ValuEngine downgraded shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) from a hold rating to a sell rating in a research report on Friday, December 1st. Evercore ISI started coverage on shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) in a research report on Monday, November 20th. They set an outperform rating and a $15.00 price objective on the stock. Finally, Jefferies Group started coverage on shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) in a research report on Monday, December 18th. They set a buy rating and a $20.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $15.17.

Genco Shipping & Trading Limited Ordinary Shares New (GNK) opened at $13.87 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 5.23 and a quick ratio of 5.23. Genco Shipping & Trading Limited Ordinary Shares New has a 1 year low of $7.49 and a 1 year high of $14.99.

In other news, major shareholder Cayman Gp Ltd. Ccp II sold 320,462 shares of the company’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $13.11, for a total value of $4,201,256.82. The transaction was disclosed in a filing with the SEC, which is available through this link. 10.30% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Citigroup Inc. grew its position in shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) by 0.4% in the 2nd quarter. Citigroup Inc. now owns 13,652 shares of the shipping company’s stock worth $129,000 after buying an additional 51 shares during the period. Bank of New York Mellon Corp grew its position in shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) by 240.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 37,093 shares of the shipping company’s stock worth $351,000 after buying an additional 26,194 shares during the period. Northern Trust Corp grew its position in shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) by 388.0% in the 2nd quarter. Northern Trust Corp now owns 82,303 shares of the shipping company’s stock worth $779,000 after buying an additional 65,437 shares during the period. EAM Investors LLC purchased a new stake in shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) in the 3rd quarter worth about $486,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) by 102.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 27,964 shares of the shipping company’s stock worth $265,000 after buying an additional 14,122 shares during the period. 57.28% of the stock is currently owned by hedge funds and other institutional investors.

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About Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands)

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, including commodities traders; producers; and government-owned entities.

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