Genco Shipping & Trading (NYSE:GNK) Lifted to Hold at Zacks Investment Research

Genco Shipping & Trading (NYSE:GNK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Genco Shipping & Trading Ltd. is a ship owning company. It transport iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes. The company owned fleet of dry cargo vessels which consists of Capesize, Panamax, Ultramax, Supramax, Handymax and Handysize vessels. Genco Shipping & Trading Ltd. is based in New York, United States. “

A number of other analysts also recently commented on the company. Noble Financial restated a “buy” rating and set a $18.00 price objective on shares of Genco Shipping & Trading in a report on Tuesday, October 29th. ValuEngine upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating in a report on Saturday, January 4th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Genco Shipping & Trading has a consensus rating of “Buy” and a consensus target price of $14.90.

Shares of GNK stock traded up $0.12 on Tuesday, reaching $10.00. 157,800 shares of the stock were exchanged, compared to its average volume of 199,811. The stock has a market cap of $420.47 million, a P/E ratio of 15.63 and a beta of 1.10. The company has a quick ratio of 1.83, a current ratio of 2.02 and a debt-to-equity ratio of 0.45. The firm has a 50 day moving average of $10.32 and a two-hundred day moving average of $9.91. Genco Shipping & Trading has a 1-year low of $6.83 and a 1-year high of $11.82.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported ($0.06) EPS for the quarter. The firm had revenue of $60.81 million for the quarter, compared to analyst estimates of $62.14 million. Genco Shipping & Trading had a negative return on equity of 1.45% and a negative net margin of 9.82%. On average, equities research analysts predict that Genco Shipping & Trading will post -0.57 EPS for the current fiscal year.

In other news, Director Strategic Value Partners, Llc sold 2,000,000 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $10.00, for a total transaction of $20,000,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.32% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its holdings in Genco Shipping & Trading by 34.2% in the 2nd quarter. BlackRock Inc. now owns 1,019,806 shares of the shipping company’s stock valued at $8,607,000 after purchasing an additional 260,096 shares in the last quarter. Vanguard Group Inc. boosted its position in Genco Shipping & Trading by 1.4% in the 2nd 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. State Street Corp boosted its position in Genco Shipping & Trading by 33.4% in the 3rd quarter. State Street Corp now owns 262,614 shares of the shipping company’s stock valued at $2,416,000 after buying an additional 65,734 shares during the last quarter. Northern Trust Corp boosted its position in Genco Shipping & Trading by 6.8% in the 2nd quarter. Northern Trust Corp now owns 131,286 shares of the shipping company’s stock valued at $1,108,000 after buying an additional 8,364 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in Genco Shipping & Trading by 72.6% in the 2nd quarter. Prudential Financial Inc. now owns 78,445 shares of the shipping company’s stock valued at $662,000 after buying an additional 33,000 shares during the last quarter. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Genco Shipping & Trading Company 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 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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