B. Riley Increases Genco Shipping & Trading (NYSE:GNK) Price Target to $30.00

Genco Shipping & Trading (NYSE:GNK - Get Free Report) had its price target raised by B. Riley from $27.00 to $30.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the shipping company's stock. B. Riley's target price would suggest a potential upside of 31.41% from the company's current price. B. Riley also issued estimates for Genco Shipping & Trading's Q3 2024 earnings at $0.20 EPS, Q4 2024 earnings at $0.56 EPS and FY2025 earnings at $1.84 EPS.

Several other equities analysts also recently commented on the stock. StockNews.com downgraded shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research note on Thursday, April 18th. Stifel Nicolaus upped their target price on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a "buy" rating in a research report on Friday, April 19th. TheStreet upgraded shares of Genco Shipping & Trading from a "c" rating to a "b-" rating in a research note on Thursday, February 22nd. Finally, Jefferies Financial Group raised their target price on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $25.00.

Genco Shipping & Trading Stock Up 0.5 %

Genco Shipping & Trading stock traded up $0.12 during midday trading on Friday, reaching $22.83. The company's stock had a trading volume of 825,988 shares, compared to its average volume of 510,404. The company has a current ratio of 4.46, a quick ratio of 3.70 and a debt-to-equity ratio of 0.21. Genco Shipping & Trading has a 52-week low of $12.39 and a 52-week high of $23.43. The stock's 50-day simple moving average is $20.82 and its 200-day simple moving average is $17.72.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The company had revenue of $117.44 million during the quarter, compared to analysts' expectations of $77.31 million. During the same period last year, the business earned $0.06 earnings per share. Genco Shipping & Trading's quarterly revenue was up 24.4% on a year-over-year basis. As a group, equities analysts anticipate that Genco Shipping & Trading will post 1.93 EPS for the current fiscal year.

Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, insider Jesper Christensen sold 12,404 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $245,599.20. Following the transaction, the insider now owns 42,587 shares in the company, valued at approximately $843,222.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Genco Shipping & Trading news, CEO John C. Wobensmith sold 35,660 shares of the business's stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $706,068.00. Following the sale, the chief executive officer now directly owns 466,684 shares in the company, valued at $9,240,343.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jesper Christensen sold 12,404 shares of the firm's stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $245,599.20. Following the completion of the transaction, the insider now owns 42,587 shares of the company's stock, valued at approximately $843,222.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,496 shares of company stock worth $1,238,678. 2.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

Hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its holdings in shares of Genco Shipping & Trading by 1,632.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company's stock valued at $32,000 after acquiring an additional 2,139 shares during the period. Gladius Capital Management LP acquired a new stake in Genco Shipping & Trading in the 4th quarter worth about $37,000. CWM LLC grew its holdings in shares of Genco Shipping & Trading by 550.0% during the fourth quarter. CWM LLC now owns 3,796 shares of the shipping company's stock worth $63,000 after buying an additional 3,212 shares in the last quarter. Mark Sheptoff Financial Planning LLC purchased a new position in Genco Shipping & Trading in the 4th quarter worth approximately $126,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Genco Shipping & Trading in the 3rd quarter worth $137,000. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.