Genco Shipping & Trading (NYSE:GNK) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research report issued on Wednesday, Zacks.com reports.
According to Zacks, "Genco Shipping & Trading Ltd. is a ship owning company. It transport iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes. The company owned fleet of dry cargo vessels which consists of Capesize, Panamax, Ultramax, Supramax, Handymax and Handysize vessels. Genco Shipping & Trading Ltd. is based in New York, United States. "
Several other analysts have also recently commented on the company. B. Riley reaffirmed a "buy" rating and issued a $11.00 target price on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. ValuEngine raised Genco Shipping & Trading from a "hold" rating to a "buy" rating in a research report on Friday, May 1st. Finally, Evercore ISI reissued a "market perform" rating and set a $9.00 price objective on shares of Genco Shipping & Trading in a research report on Friday, May 29th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. The company presently has an average rating of "Hold" and a consensus price target of $10.42.
Shares of NYSE GNK opened at $6.87 on Wednesday. The stock has a market capitalization of $263.77 million, a price-to-earnings ratio of -1.70 and a beta of 0.74. The stock's fifty day simple moving average is $6.03 and its 200 day simple moving average is $7.01. The company has a quick ratio of 1.70, a current ratio of 1.95 and a debt-to-equity ratio of 0.49. Genco Shipping & Trading has a 52-week low of $4.27 and a 52-week high of $11.82.
Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, May 6th. The shipping company reported ($0.17) EPS for the quarter, topping the Thomson Reuters' consensus estimate of ($0.30) by $0.13. The business had revenue of $49.97 million during the quarter, compared to analysts' expectations of $43.36 million. Genco Shipping & Trading had a negative return on equity of 2.80% and a negative net margin of 42.74%. As a group, analysts anticipate that Genco Shipping & Trading will post -0.81 earnings per share for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. lifted its position in shares of Genco Shipping & Trading by 10.7% in the fourth quarter. Citigroup Inc. now owns 16,699 shares of the shipping company's stock worth $177,000 after buying an additional 1,616 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Genco Shipping & Trading by 3.8% in the fourth quarter. Bank of New York Mellon Corp now owns 54,920 shares of the shipping company's stock worth $583,000 after buying an additional 2,000 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Genco Shipping & Trading by 10.9% in the first quarter. Rhumbline Advisers now owns 23,389 shares of the shipping company's stock worth $150,000 after buying an additional 2,300 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Genco Shipping & Trading by 7.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 37,378 shares of the shipping company's stock worth $397,000 after buying an additional 2,548 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Genco Shipping & Trading by 12.6% in the first quarter. Alliancebernstein L.P. now owns 23,200 shares of the shipping company's stock worth $149,000 after buying an additional 2,600 shares during the last quarter. 81.00% of the stock is owned by hedge funds and other institutional investors.
Genco Shipping & Trading Company Profile
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.
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