Genco Shipping & Trading (NYSE:GNK) Stock Rating Upgraded by Pareto Securities

Genco Shipping & Trading (NYSE:GNK) was upgraded by investment analysts at Pareto Securities to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities analysts also recently commented on GNK. StockNews.com downgraded shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Jefferies Financial Group decreased their price objective on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Genco Shipping & Trading Price Performance

Shares of GNK opened at $13.69 on Monday. The firm has a 50-day simple moving average of $14.14 and a two-hundred day simple moving average of $15.46. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. Genco Shipping & Trading has a 1-year low of $13.08 and a 1-year high of $23.43. The stock has a market cap of $585.44 million, a PE ratio of 7.82, a P/E/G ratio of 5.64 and a beta of 0.99.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The firm had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million. As a group, analysts forecast that Genco Shipping & Trading will post 0.48 EPS for the current year.

Insider Activity

In other Genco Shipping & Trading news, CFO Peter George Allen sold 8,984 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total value of $125,416.64. Following the completion of the transaction, the chief financial officer now owns 45,251 shares in the company, valued at approximately $631,703.96. This represents a 16.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Joseph Adamo sold 6,226 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $86,914.96. Following the transaction, the chief accounting officer now owns 26,829 shares in the company, valued at $374,532.84. The trade was a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,812 shares of company stock valued at $402,216. Company insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Banque Transatlantique SA purchased a new position in shares of Genco Shipping & Trading in the fourth quarter valued at $28,000. R Squared Ltd purchased a new position in Genco Shipping & Trading during the 4th quarter valued at about $29,000. New Age Alpha Advisors LLC purchased a new position in Genco Shipping & Trading during the 4th quarter valued at about $56,000. Quarry LP lifted its holdings in shares of Genco Shipping & Trading by 535.8% in the third quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after purchasing an additional 3,595 shares in the last quarter. Finally, Mariner LLC acquired a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at approximately $147,000. 58.62% of the stock is owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.