Genco Shipping & Trading (NYSE:GNK – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, 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. “
A number of other brokerages have also issued reports on GNK. TheStreet raised shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Wednesday, February 2nd. Jefferies Financial Group raised their target price on shares of Genco Shipping & Trading from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, February 24th. Finally, StockNews.com started coverage on shares of Genco Shipping & Trading in a research report on Thursday, March 31st. They issued a “buy” rating for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $25.20.
Genco Shipping & Trading stock traded up $0.31 during trading hours on Tuesday, reaching $21.18. The stock had a trading volume of 1,144,944 shares, compared to its average volume of 1,028,511. The stock has a market cap of $891.70 million, a PE ratio of 4.96 and a beta of 0.85. Genco Shipping & Trading has a 52 week low of $13.21 and a 52 week high of $26.00. The company has a current ratio of 4.17, a quick ratio of 3.59 and a debt-to-equity ratio of 0.26. The company’s fifty day simple moving average is $21.64.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last announced its quarterly earnings results on Thursday, February 24th. The shipping company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.10. The business had revenue of $146.67 million for the quarter, compared to analyst estimates of $129.28 million. Genco Shipping & Trading had a net margin of 33.27% and a return on equity of 22.19%. During the same quarter last year, the firm earned $0.22 EPS. Research analysts predict that Genco Shipping & Trading will post 4.22 EPS for the current year.
In related news, CEO John C. Wobensmith sold 10,090 shares of Genco Shipping & Trading stock in a transaction dated Wednesday, February 23rd. The shares were sold at an average price of $19.73, for a total transaction of $199,075.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert E. Hughes sold 10,500 shares of Genco Shipping & Trading stock in a transaction dated Tuesday, March 8th. The shares were sold at an average price of $21.55, for a total transaction of $226,275.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 82,292 shares of company stock valued at $1,696,480. 2.07% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the business. Ensign Peak Advisors Inc purchased a new position in Genco Shipping & Trading in the fourth quarter worth about $25,000. Macquarie Group Ltd. purchased a new position in Genco Shipping & Trading in the third quarter worth about $62,000. USA Financial Portformulas Corp purchased a new position in Genco Shipping & Trading in the third quarter worth about $63,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Genco Shipping & Trading by 120.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,477 shares of the shipping company’s stock worth $88,000 after buying an additional 2,988 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its holdings in Genco Shipping & Trading by 20.7% in the third quarter. BNP Paribas Arbitrage SA now owns 5,865 shares of the shipping company’s stock worth $118,000 after buying an additional 1,007 shares during the last quarter. 73.75% of the stock is owned by institutional investors and hedge funds.
About Genco Shipping & Trading (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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