Genco Shipping & Trading (NYSE:GNK) Cut to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Genco Shipping & Trading to “strong sell” from “hold,” contrasting with mixed analyst opinions and an overall MarketBeat consensus rating of “Hold.”
• Analysts have an average price target of $29.00, compared with shares opening at $27.32; the stock has traded between $15.55 and $28.42 over the past year.
• Genco’s latest quarterly results exceeded expectations, with adjusted earnings of $0.65 per share and revenue of $136.41 million, up 68.5% year over year; institutional investors own 58.62% of the company.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Monday, Zacks reports.

GNK has been the topic of several other reports. Weiss Ratings upgraded shares of Genco Shipping & Trading from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, September 29th. Alliance Global Partners reaffirmed a "neutral" rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. B. Riley Financial reaffirmed a "buy" rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Finally, BTIG Research reiterated a "neutral" rating on shares of Genco Shipping & Trading in a report on Friday, September 18th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Genco Shipping & Trading has an average rating of "Hold" and an average target price of $29.00.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $27.32 on Monday. The company has a market cap of $1.19 billion, a P/E ratio of 30.03, a P/E/G ratio of 3.23 and a beta of 0.96. The company has a quick ratio of 2.41, a current ratio of 2.97 and a debt-to-equity ratio of 0.36. Genco Shipping & Trading has a 52 week low of $15.55 and a 52 week high of $28.42. The business has a fifty day simple moving average of $26.47 and a 200-day simple moving average of $24.98.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its earnings results on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.60 by $0.05. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The firm had revenue of $136.41 million during the quarter, compared to analyst estimates of $90.59 million. During the same period in the prior year, the firm posted ($0.16) earnings per share. The business's quarterly revenue was up 68.5% compared to the same quarter last year. Equities research analysts forecast that Genco Shipping & Trading will post 2.22 EPS for the current year.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC grew its position in Genco Shipping & Trading by 364.8% in the first quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company's stock valued at $6,938,000 after acquiring an additional 241,471 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Genco Shipping & Trading by 56.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company's stock worth $6,462,000 after purchasing an additional 102,868 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Genco Shipping & Trading by 12.4% in the first quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company's stock valued at $5,113,000 after purchasing an additional 25,002 shares during the period. First Trust Advisors LP boosted its stake in shares of Genco Shipping & Trading by 2.1% in the first quarter. First Trust Advisors LP now owns 135,166 shares of the shipping company's stock valued at $3,048,000 after purchasing an additional 2,820 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in Genco Shipping & Trading during the 1st quarter valued at $2,552,000. Hedge funds and other institutional investors own 58.62% of the company's stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a drybulk shipping company that owns and operates ocean-going vessels used to transport commodities worldwide. Its fleet serves the global seaborne trade in major and minor drybulk cargoes, including iron ore, coal, grain, steel products and other raw materials.

The company operates vessels across several drybulk segments, including Capesize, Ultramax, Supramax and Handysize ships. Genco provides transportation services to commodity producers, traders and industrial customers, with voyages covering major international trade routes and ports.

Founded in 2004 and headquartered in New York City, Genco became a publicly traded company in 2005.

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