Genco Shipping & Trading (NYSE:GNK) Downgraded by Stifel Nicolaus

Genco Shipping & Trading (NYSE:GNK) was downgraded by research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report issued on Wednesday, FinViz reports. They presently have a $17.00 price objective on the shipping company’s stock, down from their prior price objective of $26.00. Stifel Nicolaus’ price objective suggests a potential upside of 3.98% from the stock’s previous close.

A number of other research analysts have also issued reports on GNK. Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price for the company. Alliance Global Partners lifted their price target on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.60.

Genco Shipping & Trading Trading Down 0.9 %

NYSE:GNK opened at $16.35 on Wednesday. The firm has a market cap of $699.09 million, a PE ratio of 272.50, a price-to-earnings-growth ratio of 0.25 and a beta of 0.95. The stock has a fifty day moving average price of $17.64 and a 200 day moving average price of $19.80. Genco Shipping & Trading has a 12-month low of $12.65 and a 12-month high of $23.43. The company has a current ratio of 3.59, a quick ratio of 2.94 and a debt-to-equity ratio of 0.10.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The firm had revenue of $107.00 million during the quarter, compared to analyst estimates of $74.86 million. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. Genco Shipping & Trading’s revenue was up 18.1% compared to the same quarter last year. During the same period last year, the business posted $0.27 earnings per share. Sell-side analysts anticipate that Genco Shipping & Trading will post 2.1 earnings per share for the current fiscal year.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC increased its position in Genco Shipping & Trading by 109.5% in the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after acquiring an additional 998 shares during the period. Point72 Hong Kong Ltd acquired a new position in Genco Shipping & Trading in the 2nd quarter valued at about $82,000. nVerses Capital LLC acquired a new position in Genco Shipping & Trading in the 2nd quarter valued at about $136,000. Point72 DIFC Ltd purchased a new stake in Genco Shipping & Trading in the 2nd quarter valued at approximately $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Genco Shipping & Trading by 80.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock valued at $191,000 after purchasing an additional 4,003 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.