Genco Shipping & Trading (NYSE:GNK) Stock Lifted to "Hold" by Wall Street Zen

Key Points

• Wall Street Zen upgraded Genco Shipping & Trading to “Hold.” Analyst views remain mixed, but MarketBeat reports an overall “Hold” consensus and a $29 price target.
• Genco’s latest quarter delivered revenue of $151.85 million, well above the $105.04 million analyst estimate, while EPS of $0.88 narrowly missed the $0.89 consensus. Revenue rose 90% year over year.
• Shares opened at $26.03 and were reported up 3.0%; the stock’s 52-week range is $16.42 to $28.42.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) was upgraded by investment analysts at Wall Street Zen to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also recently weighed in on GNK. BTIG Research dropped coverage on Genco Shipping & Trading in a report on Friday, September 18th. They issued a "neutral" rating for the company. Weiss Ratings cut shares of Genco Shipping & Trading from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, October 26th. Zacks Research lowered Genco Shipping & Trading from a "hold" rating to a "strong sell" rating in a report on Monday, October 5th. Finally, B. Riley Financial reissued a "buy" rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Genco Shipping & Trading has a consensus rating of "Hold" and a consensus price target of $29.00.

Genco Shipping & Trading Trading Up 3.0%

Shares of NYSE GNK opened at $26.03 on Friday. The business has a 50 day simple moving average of $26.34 and a 200 day simple moving average of $24.44. Genco Shipping & Trading has a 52 week low of $16.42 and a 52 week high of $28.42. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 2.90 and a beta of 1.08. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.97.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its earnings results on Wednesday, November 4th. The shipping company reported $0.88 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.89 by ($0.01). The business had revenue of $151.85 million during the quarter, compared to analyst estimates of $105.04 million. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The firm's revenue was up 90.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.01) earnings per share. On average, research analysts predict that Genco Shipping & Trading will post 2.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GNK. Public Employees Retirement System of Ohio purchased a new position in shares of Genco Shipping & Trading in the 2nd quarter worth approximately $35,000. Fortitude Family Office LLC boosted its stake in Genco Shipping & Trading by 697.2% during the 3rd quarter. Fortitude Family Office LLC now owns 2,280 shares of the shipping company's stock valued at $60,000 after purchasing an additional 1,994 shares in the last quarter. Summit Securities Group LLC acquired a new position in Genco Shipping & Trading in the first quarter worth approximately $63,000. Farther Finance Advisors LLC raised its position in Genco Shipping & Trading by 77.0% in the third quarter. Farther Finance Advisors LLC now owns 3,012 shares of the shipping company's stock worth $79,000 after purchasing an additional 1,310 shares in the last quarter. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Genco Shipping & Trading in the 3rd quarter valued at $92,000. Hedge funds and other institutional investors own 58.62% of the company's stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited NYSE: GNK is a drybulk shipping company that owns and operates a fleet of oceangoing vessels. The company transports essential commodities, including iron ore, grain, coal and other major and minor bulk cargoes, for customers around the world.

Genco's fleet includes large Capesize vessels as well as Ultramax, Supramax and Handysize ships. These vessels serve different segments of the drybulk market and support the movement of raw materials used in energy production, agriculture, construction and industrial manufacturing.

Founded in 1997 and headquartered in New York, Genco serves international trade routes across major global commodity markets.

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