Top 5 Stock Picks of Mark Gallogly’s Centerbridge Partners

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

Centerbridge Partners’ Stake Value: $107,815,000
Percentage of Centerbridge Partners’ 13F Portfolio: 6.88%
Number of Hedge Fund Holders: 19

Genco Shipping & Trading Limited (NYSE:GNK) is a global ship owner which transports dry bulk commodities such as iron ore, coal, grain, and steel goods. As of December 31, 2021, the firm’s fleet comprised 44 dry bulk carriers with a total capacity of about 4.64 million deadweight tonnes. Genco Shipping & Trading Limited (NYSE:GNK) is a fantastic investment for income seekers because of its 17% dividend yield.

Genco Shipping & Trading Limited (NYSE:GNK) reported strong financials for the second quarter of 2022 on August 3, revealing revenue of $138 million, up 13.9% year-over-year. In addition, the company’s earnings per share for the second quarter were $1.10, compared to $0.75 a year earlier. On August 3, Alliance Global Partners analyst C. K. Poe Fratt initiated coverage of Genco Shipping & Trading Limited (NYSE:GNK), rating the stock a ‘Buy’, with a price target of $29.

Centerbridge Partners holds more than 4.56 million shares of Genco Shipping & Trading Limited (NYSE:GNK), worth nearly $108 million, representing 6.88% of the fund’s portfolio exposure. In the first quarter of 2022, 19 hedge funds tracked by the database of Insider Monkey were long Genco Shipping & Trading Limited (NYSE:GNK), down from 20 in the preceding quarter. Bailard Inc is a prominent stakeholder of Genco Shipping & Trading Limited (NYSE:GNK), with 17,000 shares worth $328,000.