Genco Shipping & Trading Limited (NYSE:GNK) Receives $24.20 Consensus PT from Brokerages

Genco Shipping & Trading Limited (NYSE:GNK) has earned a consensus rating of “Moderate Buy” from the five brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $24.20.

Several equities research analysts have issued reports on GNK shares. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GNK. Teacher Retirement System of Texas purchased a new stake in Genco Shipping & Trading in the fourth quarter valued at approximately $3,692,000. Charles Schwab Investment Management Inc. increased its holdings 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. JPMorgan Chase & Co. lifted its holdings in shares of Genco Shipping & Trading by 155.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 285,091 shares of the shipping company’s stock worth $5,559,000 after acquiring an additional 173,270 shares during the last quarter. Royce & Associates LP grew its position in Genco Shipping & Trading by 43.1% in the third quarter. Royce & Associates LP now owns 482,687 shares of the shipping company’s stock worth $9,412,000 after acquiring an additional 145,471 shares in the last quarter. Finally, Algert Global LLC increased its stake in Genco Shipping & Trading by 56.0% in the third quarter. Algert Global LLC now owns 373,133 shares of the shipping company’s stock valued at $7,276,000 after acquiring an additional 133,920 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Price Performance

GNK opened at $14.54 on Friday. The company has a market capitalization of $621.52 million, a price-to-earnings ratio of 9.26, a PEG ratio of 5.57 and a beta of 0.97. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $14.43 and a 200-day moving average price of $16.36. Genco Shipping & Trading has a twelve month low of $13.51 and a twelve month high of $23.43.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.