Genco Shipping & Trading Limited (NYSE:GNK) Receives $15.63 Average Price Target from Brokerages

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been assigned a consensus rating of “Buy” from the six brokerages that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $15.63.

A number of equities research analysts have recently issued reports on GNK shares. Zacks Investment Research cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Thursday, October 31st. ValuEngine cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th. Finally, Noble Financial reissued a “buy” rating and set a $18.00 price target on shares of Genco Shipping & Trading in a research report on Tuesday, October 29th.

Shares of Genco Shipping & Trading stock traded up $1.00 during trading on Monday, reaching $10.90. The company’s stock had a trading volume of 21,453 shares, compared to its average volume of 232,156. Genco Shipping & Trading has a 52-week low of $6.83 and a 52-week high of $11.53. The company has a market cap of $442.40 million, a price-to-earnings ratio of 17.34 and a beta of 1.06. The firm’s 50-day moving average is $9.93 and its two-hundred day moving average is $9.15. The company has a quick ratio of 1.75, a current ratio of 2.02 and a debt-to-equity ratio of 0.44.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, August 7th. The shipping company reported ($0.49) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.41) by ($0.08). Genco Shipping & Trading had a negative net margin of 4.79% and a negative return on equity of 0.80%. The business had revenue of $41.75 million during the quarter, compared to analysts’ expectations of $39.92 million. On average, equities research analysts anticipate that Genco Shipping & Trading will post -0.35 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers lifted its position in shares of Genco Shipping & Trading by 12.3% during the third quarter. Rhumbline Advisers now owns 20,939 shares of the shipping company’s stock valued at $193,000 after buying an additional 2,297 shares during the last quarter. Founders Capital Management lifted its position in shares of Genco Shipping & Trading by 100.0% during the third quarter. Founders Capital Management now owns 3,000 shares of the shipping company’s stock valued at $27,000 after buying an additional 1,500 shares during the last quarter. United Services Automobile Association lifted its position in shares of Genco Shipping & Trading by 14.4% during the second quarter. United Services Automobile Association now owns 16,152 shares of the shipping company’s stock valued at $136,000 after buying an additional 2,028 shares during the last quarter. Marshall Wace North America L.P. lifted its position in shares of Genco Shipping & Trading by 203.0% during the second quarter. Marshall Wace North America L.P. now owns 24,605 shares of the shipping company’s stock valued at $208,000 after buying an additional 16,485 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Genco Shipping & Trading by 1.4% during the second quarter. Vanguard Group Inc. now owns 309,266 shares of the shipping company’s stock valued at $2,611,000 after buying an additional 4,284 shares during the last quarter. 83.30% of the stock is owned by institutional investors and hedge funds.

About Genco Shipping & Trading

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 ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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