Genco Shipping & Trading (NYSE:GNK – Get Rating) was downgraded by 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 recently issued reports on GNK. B. Riley boosted their target price on shares of Genco Shipping & Trading from $27.00 to $31.00 in a research report on Friday, May 6th. Jefferies Financial Group began coverage on shares of Genco Shipping & Trading in a research report on Wednesday, April 27th. They issued a “buy” rating for the company. Finally, Zacks Investment Research cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, April 26th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $27.00.
GNK stock traded up $0.24 during midday trading on Tuesday, reaching $26.93. 995,331 shares of the company were exchanged, compared to its average volume of 1,078,239. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.78 and a quick ratio of 2.16. The business has a 50-day moving average price of $23.32 and a two-hundred day moving average price of $19.41. Genco Shipping & Trading has a one year low of $13.21 and a one year high of $27.15. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 5.19 and a beta of 0.84.
In other Genco Shipping & Trading news, CEO John C. Wobensmith sold 45,000 shares of the business’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $25.15, for a total transaction of $1,131,750.00. Following the completion of the transaction, the chief executive officer now owns 399,099 shares of the company’s stock, valued at $10,037,339.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO John C. Wobensmith sold 100,000 shares of the business’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $25.14, for a total value of $2,514,000.00. Following the transaction, the chief executive officer now directly owns 399,099 shares of the company’s stock, valued at approximately $10,033,348.86. The disclosure for this sale can be found here. Insiders have sold 148,500 shares of company stock valued at $3,732,515 in the last ninety days. 2.50% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Genco Shipping & Trading by 2.9% in the fourth quarter. BlackRock Inc. now owns 2,401,373 shares of the shipping company’s stock valued at $38,422,000 after buying an additional 67,898 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Genco Shipping & Trading by 9.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,916,725 shares of the shipping company’s stock valued at $45,272,000 after buying an additional 164,117 shares during the period. State Street Corp increased its stake in shares of Genco Shipping & Trading by 62.7% in the fourth quarter. State Street Corp now owns 1,766,568 shares of the shipping company’s stock valued at $28,265,000 after buying an additional 680,853 shares during the period. Millennium Management LLC increased its stake in shares of Genco Shipping & Trading by 21.3% in the fourth quarter. Millennium Management LLC now owns 1,181,560 shares of the shipping company’s stock valued at $18,905,000 after buying an additional 207,637 shares during the period. Finally, Loomis Sayles & Co. L P increased its stake in shares of Genco Shipping & Trading by 7.4% in the fourth quarter. Loomis Sayles & Co. L P now owns 1,145,733 shares of the shipping company’s stock valued at $18,332,000 after buying an additional 79,385 shares during the period. 75.90% of the stock is owned by institutional investors.
Genco Shipping & Trading Company Profile (Get Rating)
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to 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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