Genco Shipping & Trading (NYSE:GNK) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.
GNK has been the topic of a number of other research reports. Noble Financial started coverage on Genco Shipping & Trading in a research note on Friday, January 12th. They set a “buy” rating and a $20.00 price objective on the stock. Seaport Global Securities set a $18.00 price objective on Genco Shipping & Trading and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Deutsche Bank started coverage on Genco Shipping & Trading in a research note on Monday. They set a “buy” rating and a $19.00 price objective on the stock. Zacks Investment Research upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research note on Monday, March 12th. Finally, TheStreet upgraded Genco Shipping & Trading from a “d” rating to a “c-” rating in a research note on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Genco Shipping & Trading currently has an average rating of “Buy” and a consensus target price of $17.64.
Genco Shipping & Trading stock traded up $0.88 during midday trading on Wednesday, reaching $16.74. The stock had a trading volume of 98,991 shares, compared to its average volume of 120,430. Genco Shipping & Trading has a twelve month low of $8.47 and a twelve month high of $16.86. The stock has a market capitalization of $545.61, a P/E ratio of -12.98 and a beta of -0.08. The company has a current ratio of 4.14, a quick ratio of 4.14 and a debt-to-equity ratio of 0.51.
Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Tuesday, February 27th. The shipping company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.10. Genco Shipping & Trading had a negative return on equity of 4.49% and a negative net margin of 28.00%. The firm had revenue of $74.92 million for the quarter, compared to analysts’ expectations of $58.10 million. sell-side analysts predict that Genco Shipping & Trading will post 0.67 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Strategic Value Partners LLC bought a new stake in Genco Shipping & Trading in the fourth quarter valued at about $135,404,000. Raynor Geoffrey increased its holdings in shares of Genco Shipping & Trading by 1,704.8% in the fourth quarter. Raynor Geoffrey now owns 1,011,408 shares of the shipping company’s stock valued at $13,472,000 after purchasing an additional 955,369 shares in the last quarter. Jefferies Group LLC acquired a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at approximately $4,262,000. Schwab Charles Investment Management Inc. acquired a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at approximately $163,000. Finally, Virtu Financial LLC acquired a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at approximately $145,000. 86.72% of the stock is currently owned by institutional investors and hedge funds.
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About Genco Shipping & Trading
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ores, coal, grains, steel products, and other dry-bulk cargoes. The company charters its vessels primarily to trading houses, such as commodities traders; producers; and government-owned entities.
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