Alliance Global Partners Raises Genco Shipping & Trading (NYSE:GNK) Price Target to $27.00

Genco Shipping & Trading (NYSE:GNK) had its price target boosted by research analysts at Alliance Global Partners from $25.00 to $27.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the shipping company’s stock. Alliance Global Partners’ price objective would suggest a potential upside of 25.17% from the company’s previous close.

Several other analysts have also recently commented on the stock. B. Riley lifted their target price on shares of Genco Shipping & Trading from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Stifel Nicolaus boosted their price objective on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Jefferies Financial Group boosted their target price on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Finally, StockNews.com raised shares of Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.40.

Genco Shipping & Trading Stock Performance

Shares of GNK stock traded up $0.26 during mid-day trading on Monday, hitting $21.57. 148,113 shares of the stock were exchanged, compared to its average volume of 677,477. The stock’s fifty day simple moving average is $21.81 and its two-hundred day simple moving average is $19.65. The stock has a market capitalization of $922.33 million, a price-to-earnings ratio of 361.17 and a beta of 0.96. Genco Shipping & Trading has a 12-month low of $12.65 and a 12-month high of $23.43. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.94 and a current ratio of 3.72.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Genco Shipping & Trading had a net margin of 0.81% and a return on equity of 5.15%. The firm had revenue of $117.44 million during the quarter, compared to the consensus estimate of $77.31 million. During the same quarter last year, the firm earned $0.06 earnings per share. The firm’s revenue was up 24.4% compared to the same quarter last year. On average, analysts forecast that Genco Shipping & Trading will post 2.34 EPS for the current year.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, Director Arthur L. Regan sold 1,400 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $22.86, for a total value of $32,004.00. Following the completion of the transaction, the director now directly owns 104,414 shares of the company’s stock, valued at $2,386,904.04. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GNK. PNC Financial Services Group Inc. grew its stake in Genco Shipping & Trading by 1,632.8% during the third quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock worth $32,000 after buying an additional 2,139 shares in the last quarter. Teza Capital Management LLC acquired a new stake in Genco Shipping & Trading in the 3rd quarter valued at $164,000. AQR Capital Management LLC grew its position in Genco Shipping & Trading by 78.4% in the 3rd quarter. AQR Capital Management LLC now owns 612,440 shares of the shipping company’s stock valued at $8,568,000 after purchasing an additional 269,138 shares during the period. Aurora Investment Counsel boosted its holdings in Genco Shipping & Trading by 10.2% during the 3rd quarter. Aurora Investment Counsel now owns 76,634 shares of the shipping company’s stock worth $1,072,000 after acquiring an additional 7,093 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Genco Shipping & Trading by 9.1% during the 3rd quarter. American Century Companies Inc. now owns 681,087 shares of the shipping company’s stock worth $9,528,000 after acquiring an additional 56,837 shares during 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.