Genco Shipping & Trading (NYSE:GNK) Downgraded by Zacks Research to Hold

Key Points

• Zacks Research downgraded Genco Shipping & Trading to “Hold” from “Strong Buy.” Other analysts remain mixed, resulting in an overall “Hold” consensus and a $26.00 average price target.
• Genco reported quarterly EPS of $0.65, exceeding the $0.60 consensus estimate, while revenue rose 68.5% year over year to $136.41 million.
• Shares opened at $26.02, down 0.7%, with the stock trading between a 52-week range of $15.55 and $27.25; institutional investors and hedge funds own 58.62% of outstanding shares.

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

A number of other equities research analysts have also weighed in on the stock. Alliance Global Partners reissued a "neutral" rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. B. Riley Financial reiterated a "buy" rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $29.00 price target on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Finally, Weiss Ratings raised shares of Genco Shipping & Trading from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $26.00.

Genco Shipping & Trading Stock Down 0.7%

Shares of NYSE:GNK opened at $26.02 on Wednesday. The company has a quick ratio of 2.41, a current ratio of 2.97 and a debt-to-equity ratio of 0.36. The business's 50 day moving average is $25.00 and its 200 day moving average is $23.90. The stock has a market cap of $1.13 billion, a P/E ratio of 28.59, a price-to-earnings-growth ratio of 3.03 and a beta of 0.94. Genco Shipping & Trading has a 52-week low of $15.55 and a 52-week high of $27.25.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $136.41 million during the quarter, compared to analysts' expectations of $90.59 million. During the same quarter in the prior year, the company earned ($0.16) EPS. The company's revenue was up 68.5% compared to the same quarter last year. Sell-side analysts predict that Genco Shipping & Trading will post 2.25 EPS for the current year.

Institutional Investors Weigh In On Genco Shipping & Trading

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. grew its holdings 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 during the last quarter. Advisory Services Network LLC purchased a new position in shares of Genco Shipping & Trading during the third quarter valued at approximately $30,000. Strengthening Families & Communities LLC acquired a new stake in shares of Genco Shipping & Trading during the fourth quarter worth $31,000. Kemnay Advisory Services Inc. acquired a new stake in Genco Shipping & Trading in the 4th quarter worth about $32,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Genco Shipping & Trading in the second quarter worth approximately $35,000. 58.62% of the stock is owned by institutional investors and hedge funds.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company's fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco's focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.

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