Jefferies Financial Group Reaffirms "Buy" Rating for Genco Shipping & Trading (NYSE:GNK)

Key Points

• Jefferies Financial Group has reaffirmed its "buy" rating for Genco Shipping & Trading (GNK) with a target price of $19.00, suggesting a potential upside of 13.32% from the stock's previous close.
• The stock has a consensus rating of "Moderate Buy" from analysts, with varying ratings including one sell, one hold, two buy, and two strong buy ratings.
• Genco reported a quarterly EPS of ($0.14), slightly surpassing analysts' expectations, although its revenue of $46.9 million fell short of the estimates.

Genco Shipping & Trading (NYSE:GNK - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Jefferies Financial Group in a research report issued on Thursday,Benzinga reports. They currently have a $19.00 price objective on the shipping company's stock. Jefferies Financial Group's price target would indicate a potential upside of 19.72% from the company's current price.

A number of other analysts have also recently commented on the stock. Wall Street Zen cut shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Dnb Nor Markets raised shares of Genco Shipping & Trading to a "strong-buy" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Genco Shipping & Trading has an average rating of "Moderate Buy" and an average price target of $19.33.

Genco Shipping & Trading Price Performance

GNK traded down $0.38 during trading on Thursday, hitting $15.87. 246,511 shares of the stock traded hands, compared to its average volume of 688,747. Genco Shipping & Trading has a twelve month low of $11.20 and a twelve month high of $19.51. The company has a market cap of $681.78 million, a price-to-earnings ratio of 46.74 and a beta of 1.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20. The business has a 50 day moving average price of $14.51 and a 200 day moving average price of $13.93.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. The company had revenue of $46.90 million during the quarter, compared to the consensus estimate of $50.19 million. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The company's revenue for the quarter was down 24.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.46 earnings per share. Equities research analysts forecast that Genco Shipping & Trading will post 0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Raiffeisen Bank International AG grew its stake in Genco Shipping & Trading by 16.8% in the 2nd quarter. Raiffeisen Bank International AG now owns 69,682 shares of the shipping company's stock valued at $923,000 after buying an additional 10,001 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Genco Shipping & Trading by 15.7% in the 2nd quarter. Cetera Investment Advisers now owns 19,983 shares of the shipping company's stock valued at $261,000 after purchasing an additional 2,715 shares during the period. Creative Planning boosted its holdings in Genco Shipping & Trading by 147.9% in the 2nd quarter. Creative Planning now owns 49,141 shares of the shipping company's stock valued at $642,000 after purchasing an additional 29,321 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Genco Shipping & Trading by 0.3% during the 2nd quarter. SG Americas Securities LLC now owns 218,684 shares of the shipping company's stock worth $2,858,000 after acquiring an additional 617 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company's stock worth $25,000 after acquiring an additional 876 shares during the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

About Genco Shipping & Trading

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.