SAC Capital Advisors Now Owns Over 2.1 Million Shares of GNK

In a recently filed 13-G statement (filed on September 7th, 2010), SAC Capital Advisors revealed that they now own 6% of Genco Shipping and Trading Limited (GNK).

This works out to a total stake size of 2,124,643 shares.

At the end of the second quarter, SAC Capital reported owning just 17,722 shares of Genco. Between June 30th and the end of August, SAC Capital decided to dramatically increase their stake in the shipping company.

It should be noted that this was a 13G filing, which means that this is a passive stake in Genco Shipping and Trading Limited. This means that SAC Capital won't be agitating for a change (such as a change in management, etc), but this could always change in the months and years ahead.

As of June 30th, 2010, 6 of the 96 institutional investors that we track in our database reported owning positions in GNK. FMR LLC reported the largest single stake (1,194,009 shares), while AQR Capital Management (453,600 shares) and Goldman Sachs Group Inc (157,111 shares) also reported owning positions.

GNK closed Thursday at $16.19. The stock is trading near its 52 week low of $14.20. In January of 2010, the stock traded at $25+.