Genco Shipping & Trading (NYSE:GNK) Shares Gap Up – Still a Buy?

Genco Shipping & Trading Limited (NYSE:GNK)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $16.77, but opened at $18.09. Genco Shipping & Trading shares last traded at $17.87, with a volume of 217,602 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Stifel Nicolaus downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their target price for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Genco Shipping & Trading currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Stock Up 5.3 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59. The stock has a 50 day moving average price of $17.33 and a 200 day moving average price of $19.46. The company has a market cap of $755.14 million, a P/E ratio of 54.70, a P/E/G ratio of 0.25 and a beta of 0.98.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. The company had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. Genco Shipping & Trading’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.09) earnings per share. Research analysts expect that Genco Shipping & Trading Limited will post 1.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Foundry Partners LLC purchased a new position in shares of Genco Shipping & Trading during the first quarter valued at $3,812,000. Vanguard Group Inc. grew its holdings in shares of Genco Shipping & Trading by 4.3% during the first quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock valued at $23,326,000 after buying an additional 47,060 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Genco Shipping & Trading by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after buying an additional 33,150 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Genco Shipping & Trading by 965.0% in the first quarter. BNP Paribas Financial Markets now owns 106,003 shares of the shipping company’s stock valued at $2,155,000 after purchasing an additional 96,050 shares in the last quarter. Finally, Algert Global LLC grew its stake in Genco Shipping & Trading by 694.2% in the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock valued at $5,098,000 after purchasing an additional 209,093 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

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.