Element Capital Management LLC Acquires New Position in Genco Shipping & Trading Limited (GNK)

Element Capital Management LLC acquired a new position in Genco Shipping & Trading Limited (NYSE:GNK) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,120 shares of the shipping company’s stock, valued at approximately $187,000.

A number of other institutional investors have also bought and sold shares of the business. Northern Trust Corp boosted its stake in Genco Shipping & Trading by 4.8% in the first quarter. Northern Trust Corp now owns 84,773 shares of the shipping company’s stock worth $1,205,000 after purchasing an additional 3,899 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Genco Shipping & Trading by 82.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 22,200 shares of the shipping company’s stock worth $316,000 after purchasing an additional 10,000 shares in the last quarter. Virtu Financial LLC acquired a new position in Genco Shipping & Trading in the fourth quarter worth $145,000. Wells Fargo & Company MN boosted its stake in Genco Shipping & Trading by 2,064.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,599 shares of the shipping company’s stock worth $154,000 after purchasing an additional 11,063 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in Genco Shipping & Trading by 3.3% in the fourth quarter. BlackRock Inc. now owns 360,245 shares of the shipping company’s stock worth $4,798,000 after purchasing an additional 11,399 shares in the last quarter. 71.61% of the stock is currently owned by institutional investors.

Shares of Genco Shipping & Trading opened at $15.99 on Thursday, according to Marketbeat Ratings. The company has a current ratio of 4.12, a quick ratio of 3.75 and a debt-to-equity ratio of 0.52. Genco Shipping & Trading Limited has a 12-month low of $8.83 and a 12-month high of $20.07. The firm has a market cap of $688.43 million, a PE ratio of -12.39 and a beta of 0.04.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Tuesday, May 8th. The shipping company reported $0.02 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.02. Genco Shipping & Trading had a negative return on equity of 2.26% and a negative net margin of 39.84%. The business had revenue of $76.92 million for the quarter, compared to analyst estimates of $56.93 million. research analysts anticipate that Genco Shipping & Trading Limited will post 0.88 EPS for the current fiscal year.

Several brokerages have recently issued reports on GNK. ValuEngine lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Friday, June 1st. Zacks Investment Research lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, March 13th. Deutsche Bank began coverage on Genco Shipping & Trading in a research note on Monday, April 16th. They set a “buy” rating and a $19.00 price target on the stock. Seaport Global Securities set a $18.00 price target on Genco Shipping & Trading and gave the company a “buy” rating in a research note on Wednesday, February 28th. Finally, TheStreet raised Genco Shipping & Trading from a “d” rating to a “c-” rating in a research note on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $17.93.

Genco Shipping & Trading 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.

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

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