Genco Shipping & Trading (NYSE:GNK) Rating Lowered to “Hold” at StockNews.com

Genco Shipping & Trading (NYSE:GNK) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

A number of other brokerages have also weighed in on GNK. Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research report on Thursday, November 7th. Finally, Stifel Nicolaus downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price target for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading Stock Performance

Shares of GNK stock opened at $14.62 on Tuesday. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading has a 12 month low of $14.59 and a 12 month high of $23.43. The firm has a market capitalization of $624.91 million, a PE ratio of 9.31, a price-to-earnings-growth ratio of 0.24 and a beta of 0.96. The firm has a fifty day simple moving average of $16.54 and a two-hundred day simple moving average of $18.36.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting the consensus estimate of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company had revenue of $99.33 million during the quarter, compared to analyst estimates of $72.02 million. During the same quarter in the prior year, the business earned ($0.09) earnings per share. The firm’s revenue for the quarter was up 19.2% on a year-over-year basis. Analysts forecast that Genco Shipping & Trading will post 1.74 EPS for the current fiscal year.

Institutional Trading of Genco Shipping & Trading

A number of institutional investors and hedge funds have recently modified their holdings of GNK. Renaissance Technologies LLC boosted its holdings in Genco Shipping & Trading by 66.6% in the second quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock worth $22,376,000 after purchasing an additional 419,730 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Genco Shipping & Trading by 70.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 530,523 shares of the shipping company’s stock worth $10,345,000 after buying an additional 219,907 shares during the last quarter. Algert Global LLC grew its holdings in shares of Genco Shipping & Trading by 694.2% in the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock worth $5,098,000 after acquiring an additional 209,093 shares during the period. American Century Companies Inc. increased its position in Genco Shipping & Trading by 16.4% during the second quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock valued at $23,372,000 after acquiring an additional 154,339 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in Genco Shipping & Trading in the second quarter valued at about $3,106,000. Institutional investors own 58.62% of the company’s stock.

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.