Genco Shipping & Trading (NYSE:GNK - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Jefferies Financial Group in a research note issued on Thursday,Benzinga reports. They currently have a $17.00 price objective on the shipping company's stock. Jefferies Financial Group's price target indicates a potential upside of 16.68% from the stock's current price.
Several other brokerages have also issued reports on GNK. Dnb Nor Markets upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a research report on Thursday, May 1st. Pareto Securities upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a research note on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $20.75.
Read Our Latest Report on GNK
Genco Shipping & Trading Trading Up 2.7%
Shares of NYSE GNK traded up $0.38 during midday trading on Thursday, hitting $14.57. 390,989 shares of the company traded hands, compared to its average volume of 663,654. The firm has a market cap of $625.91 million, a P/E ratio of 8.33, a P/E/G ratio of 5.64 and a beta of 1.17. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. Genco Shipping & Trading has a 12-month low of $11.20 and a 12-month high of $23.39. The stock has a 50-day moving average price of $13.15 and a 200 day moving average price of $14.39.
Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The shipping company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.02). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The firm had revenue of $41.64 million for the quarter, compared to analysts' expectations of $43.49 million. During the same quarter in the previous year, the company earned $0.49 EPS. The company's quarterly revenue was down 39.3% compared to the same quarter last year. As a group, analysts expect that Genco Shipping & Trading will post 0.48 earnings per share for the current year.
Insider Activity
In other news, CAO Joseph Adamo sold 6,226 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the transaction, the chief accounting officer now owns 26,829 shares of the company's stock, valued at approximately $374,532.84. The trade was a 18.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jesper Christensen sold 13,602 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $189,883.92. Following the completion of the transaction, the insider now directly owns 57,322 shares in the company, valued at $800,215.12. This trade represents a 19.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,812 shares of company stock worth $402,216 in the last three months. Company insiders own 2.37% of the company's stock.
Institutional Trading of Genco Shipping & Trading
Institutional investors and hedge funds have recently bought and sold shares of the stock. Banque Transatlantique SA bought a new stake in Genco Shipping & Trading in the 4th quarter valued at $28,000. R Squared Ltd bought a new stake in Genco Shipping & Trading in the 4th quarter valued at $29,000. New Age Alpha Advisors LLC bought a new stake in Genco Shipping & Trading in the 4th quarter valued at $56,000. GAMMA Investing LLC increased its holdings in Genco Shipping & Trading by 1,119.1% in the 1st quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company's stock valued at $60,000 after acquiring an additional 4,096 shares during the last quarter. Finally, Randolph Co Inc bought a new stake in Genco Shipping & Trading in the 1st quarter valued at $134,000. 58.62% of the stock is currently owned by institutional investors.
About Genco Shipping & Trading
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Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.
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