Genco Shipping & Trading (GNK) Reaches New 12-Month Low at $8.11

Shares of Genco Shipping & Trading Limited (NYSE:GNK) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $8.11 and last traded at $8.21, with a volume of 5017 shares traded. The stock had previously closed at $8.66.

A number of analysts have recently issued reports on GNK shares. ValuEngine lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. Noble Financial reissued a “buy” rating and issued a $23.00 price target on shares of Genco Shipping & Trading in a research report on Friday, August 10th. B. Riley began coverage on Genco Shipping & Trading in a report on Thursday, October 4th. They issued a “buy” rating and a $22.00 price objective on the stock. Finally, MED restated a “reduce” rating on shares of Genco Shipping & Trading in a report on Tuesday, October 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. Genco Shipping & Trading presently has a consensus rating of “Buy” and an average price target of $19.36.

The firm has a market capitalization of $360.64 million, a P/E ratio of -6.47 and a beta of 0.50. The company has a quick ratio of 1.89, a current ratio of 2.16 and a debt-to-equity ratio of 0.47.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 7th. The shipping company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Genco Shipping & Trading had a positive return on equity of 1.11% and a negative net margin of 14.73%. The firm had revenue of $92.26 million for the quarter, compared to the consensus estimate of $61.91 million. As a group, equities research analysts forecast that Genco Shipping & Trading Limited will post 0.61 earnings per share for the current fiscal year.

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

Hedge funds have recently made changes to their positions in the business. 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 valued at $12,816,000 after purchasing an additional 658,468 shares during the last quarter. Alambic Investment Management L.P. acquired a new position in Genco Shipping & Trading during the second quarter valued at approximately $805,000. Royal Bank of Canada grew its holdings in Genco Shipping & Trading by 2,887.7% during the first quarter. Royal Bank of Canada now owns 14,550 shares of the shipping company’s stock valued at $207,000 after purchasing an additional 14,063 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Genco Shipping & Trading by 507.7% in the second quarter. Tower Research Capital LLC TRC now owns 24,307 shares of the shipping company’s stock valued at $376,000 after acquiring an additional 20,307 shares during the period. Finally, EAM Investors LLC bought a new stake in shares of Genco Shipping & Trading in the second quarter valued at approximately $683,000. Institutional investors own 86.26% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This article was originally reported by Community Financial News and is the sole property of of Community Financial News. If you are reading this article on another publication, it was illegally copied and reposted in violation of U.S. & international trademark & copyright law. The correct version of this article can be accessed at https://www.com-unik.info/2018/12/02/genco-shipping-trading-gnk-reaches-new-12-month-low-at-8-11.html.

About Genco Shipping & Trading (NYSE:GNK)

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.

Featured Story: Return on Investment (ROI)

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.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit