Genco Shipping & Trading's (GNK) "Neutral" Rating Reiterated at BTIG Research

Key Points

• BTIG Research reaffirmed its “neutral” rating on Genco Shipping & Trading, while the broader analyst consensus remains “Hold” with an average price target of $26.00.
• Genco reported stronger-than-expected quarterly results, with EPS of $0.65 versus estimates of $0.60 and revenue of $136.41 million, up 68.5% year over year.
• The stock opened at $27.94, near its 52-week high of $28.42; institutional investors and hedge funds own approximately 58.62% of the company.

Genco Shipping & Trading (NYSE:GNK - Get Free Report)'s stock had its "neutral" rating reaffirmed by research analysts at BTIG Research in a research report issued to clients and investors on Friday, Benzinga reports.

A number of other equities analysts have also commented on the stock. Weiss Ratings lowered shares of Genco Shipping & Trading from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday. Zacks Research downgraded Genco Shipping & Trading from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 19th. B. Riley Financial reissued a "buy" rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Finally, Alliance Global Partners reaffirmed a "neutral" rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $26.00.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $27.94 on Friday. The stock's 50-day moving average is $26.14 and its 200-day moving average is $24.57. Genco Shipping & Trading has a 1-year low of $15.55 and a 1-year high of $28.42. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The stock has a market cap of $1.22 billion, a P/E ratio of 30.71, a price-to-earnings-growth ratio of 3.23 and a beta of 0.93.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.05. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The business had revenue of $136.41 million during the quarter, compared to analyst estimates of $90.59 million. During the same quarter last year, the business earned ($0.16) EPS. The firm's quarterly revenue was up 68.5% on a year-over-year basis. Equities research analysts anticipate that Genco Shipping & Trading will post 2.25 earnings per share for the current year.

Institutional Trading of Genco Shipping & Trading

Large investors have recently modified their holdings of the stock. Blue Trust Inc. increased its stake in Genco Shipping & Trading by 230.1% in the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company's stock valued at $30,000 after purchasing an additional 939 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Genco Shipping & Trading in the 2nd quarter valued at about $35,000. Global Trust Asset Management LLC acquired a new position in Genco Shipping & Trading during the 1st quarter worth approximately $45,000. Summit Securities Group LLC bought a new position in Genco Shipping & Trading in the first quarter worth approximately $63,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Genco Shipping & Trading in the first quarter valued at approximately $234,000. Institutional investors and hedge funds own 58.62% of the company's stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited NYSE: GNK is a global drybulk shipping company that owns and operates vessels used to transport essential commodities. Its cargoes include iron ore, coal, grain and other raw materials that support industrial and agricultural supply chains.

The company operates a diversified fleet of large Capesize vessels and smaller Ultramax and Supramax vessels. This range of ship sizes enables Genco to serve different cargo requirements and trade routes across major international markets, including the Atlantic and Pacific basins.

Founded in 1997 and headquartered in New York City, Genco manages its fleet through a combination of in-house commercial and technical capabilities.

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