Genco Shipping & Trading (NYSE:GNK) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Genco Shipping & Trading from “hold” to “strong-buy,” highlighting a more bullish view on the stock.
• Other analysts remain mixed, but the overall consensus is still Moderate Buy with an average price target of $23.67; Deutsche Bank also has a $29 target.
• Genco reported better-than-expected Q1 earnings of $0.26 per share versus $0.07 expected, with revenue rising 60.6% year over year to $114.43 million.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. Alliance Global Partners reaffirmed a "neutral" rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Weiss Ratings upgraded shares of Genco Shipping & Trading from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $23.67.

Genco Shipping & Trading Stock Performance

Shares of NYSE:GNK opened at $25.43 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.98. The firm has a market cap of $1.11 billion, a PE ratio of 66.91, a price-to-earnings-growth ratio of 3.11 and a beta of 0.93. Genco Shipping & Trading has a twelve month low of $15.51 and a twelve month high of $27.25. The business has a fifty day moving average of $24.29 and a 200-day moving average of $23.00.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.19. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The company had revenue of $114.43 million during the quarter, compared to the consensus estimate of $65.73 million. During the same period in the previous year, the firm posted ($0.28) earnings per share. The company's revenue was up 60.6% on a year-over-year basis. On average, equities research analysts predict that Genco Shipping & Trading will post 2.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of large investors have recently added to or reduced their stakes in GNK. Millennium Management LLC increased its holdings in Genco Shipping & Trading by 100.3% in the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company's stock valued at $10,013,000 after buying an additional 272,094 shares during the period. SG Americas Securities LLC grew its position in Genco Shipping & Trading by 364.8% during the 1st quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company's stock worth $6,938,000 after acquiring an additional 241,471 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Genco Shipping & Trading by 705.9% in the third quarter. First Trust Advisors LP now owns 133,631 shares of the shipping company's stock valued at $2,379,000 after buying an additional 117,049 shares during the period. Hsbc Holdings PLC bought a new stake in Genco Shipping & Trading during the 1st quarter worth approximately $2,552,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Genco Shipping & Trading by 56.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company's stock valued at $6,462,000 after acquiring an additional 102,868 shares during the period. Institutional investors own 58.62% of the company's stock.

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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