Genco Shipping & Trading (NYSE:GNK) Stock Rating Upgraded by StockNews.com

Genco Shipping & Trading (NYSE:GNK) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Several other research firms have also issued reports on GNK. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their target price for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target on the stock. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $25.00 price target on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading Stock Up 1.5 %

Shares of GNK traded up $0.23 during midday trading on Monday, reaching $15.26. 342,166 shares of the stock were exchanged, compared to its average volume of 581,037. Genco Shipping & Trading has a 52 week low of $14.28 and a 52 week high of $23.43. The company’s 50 day moving average is $16.85 and its two-hundred day moving average is $18.55. The company has a market capitalization of $652.30 million, a P/E ratio of 9.72, a PEG ratio of 0.24 and a beta of 0.96. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, meeting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The business had revenue of $99.33 million during the quarter, compared to analysts’ expectations of $72.02 million. During the same period in the previous year, the business earned ($0.09) earnings per share. The business’s revenue was up 19.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Genco Shipping & Trading will post 1.74 earnings per share for the current year.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of institutional investors have recently added to or reduced their stakes in GNK. Renaissance Technologies LLC raised its stake in Genco Shipping & Trading by 66.6% during the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock valued at $22,376,000 after purchasing an additional 419,730 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Genco Shipping & Trading by 70.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock valued at $10,345,000 after buying an additional 219,907 shares during the period. Algert Global LLC lifted its stake in Genco Shipping & Trading by 694.2% during the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock worth $5,098,000 after purchasing an additional 209,093 shares during the period. American Century Companies Inc. lifted its stake in Genco Shipping & Trading by 16.4% during the second quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock worth $23,372,000 after purchasing an additional 154,339 shares during the period. Finally, Marshall Wace LLP bought a new position in Genco Shipping & Trading during the second quarter worth about $3,106,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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.