5 Stocks to Buy According to Mark T. Gallogly’s Centerbridge Partners

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In this article, we discuss 5 stocks to buy according to Mark T. Gallogly’s Centerbridge Partners. If you want to read our detailed analysis of Gallogly’s investment philosophy and portfolio construction, go directly to 10 Stocks to Buy According to Mark T. Gallogly’s Centerbridge Partners.

5. Genco Shipping & Trading Limited (NYSE:GNK)

Centerbridge Partners’ Stake Value: $88,188,000
Percentage of Centerbridge Partners’ 13F Portfolio: 7.79%
Number of Hedge Fund Holders: 16

Genco Shipping & Trading Limited (NYSE:GNK), a 626.19 million market cap marine shipping company which transports dry bulk goods by ocean throughout the world, was another of Centerbridge Partners’ top picks. Genco Shipping & Trading Limited (NYSE:GNK) shares have returned 10.40% to investors over the course of the past twelve months as of November 8.

B. Riley analyst Liam Burke cautioned investors in a research note that the dry bulk market was suffering due to the uncertainty brought on by China lockdowns and the emergence of economic stimulus, and as a result, on October 10, the analyst maintained a ‘Buy’ rating on the shares while decreasing his price objective on Genco Shipping & Trading Limited (NYSE:GNK) to $27 from $31.

Centerbridge Partners added Genco Shipping & Trading Limited (NYSE:GNK) to its portfolio in the third quarter of 2016 by buying 2.28 million shares. In the second quarter of 2022, the hedge fund owned more than 4.56 million shares in Genco Shipping & Trading Limited (NYSE:GNK) worth $88.19 million. This represented 7.79% of the investment portfolio of Centerbridge Partners.

Genco Shipping & Trading Limited (NYSE:GNK)’s notable investor is Thomas Bailard’s Bailard Inc, with 17,000 shares worth $213,000. During the second quarter of 2022, a poll of 895 hedge funds conducted by Insider Monkey revealed that 16 had held a stake in Genco Shipping & Trading Limited (NYSE:GNK), down from 19 in the preceding quarter.

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