Zacks Investment Research Lowers Genco Shipping & Trading (NYSE:GNK) to Hold

Genco Shipping & Trading (NYSE:GNK) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday, 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. “

Other analysts also recently issued research reports about the company. TheStreet raised Genco Shipping & Trading from a “d” rating to a “c-” rating in a report on Friday, May 28th. B. Riley raised their target price on Genco Shipping & Trading from $14.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, May 7th. Noble Financial restated a “buy” rating and issued a $16.00 target price on shares of Genco Shipping & Trading in a research report on Wednesday, April 21st. Jefferies Financial Group raised their target price on Genco Shipping & Trading from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, June 30th. Finally, Fearnley Fonds upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating and raised their target price for the company from $9.00 to $152.00 in a research report on Wednesday, April 21st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $39.82.

Shares of NYSE GNK traded up $1.16 during mid-day trading on Wednesday, hitting $17.44. The company had a trading volume of 426,383 shares, compared to its average volume of 960,371. The firm has a market cap of $730.95 million, a PE ratio of -7.12 and a beta of 1.03. Genco Shipping & Trading has a 12 month low of $5.91 and a 12 month high of $20.61. The company has a current ratio of 2.31, a quick ratio of 2.06 and a debt-to-equity ratio of 0.45. The firm’s 50 day simple moving average is $17.30.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, May 5th. The shipping company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. The business had revenue of $52.52 million for the quarter, compared to the consensus estimate of $47.67 million. Genco Shipping & Trading had a negative return on equity of 0.64% and a negative net margin of 29.94%. Equities analysts anticipate that Genco Shipping & Trading will post 2.49 earnings per share for the current year.

In other news, major shareholder Cayman Gp Ltd. Ccp II sold 375,378 shares of Genco Shipping & Trading stock in a transaction on Friday, May 7th. The stock was sold at an average price of $16.43, for a total transaction of $6,167,460.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Robert E. Hughes sold 2,200 shares of Genco Shipping & Trading stock in a transaction on Monday, May 10th. The shares were sold at an average price of $16.33, for a total value of $35,926.00. Following the transaction, the insider now owns 9,848 shares in the company, valued at $160,817.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,567,578 shares of company stock worth $25,545,137. 2.07% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in GNK. BlackRock Inc. boosted its stake in shares of Genco Shipping & Trading by 10.6% during the 4th quarter. BlackRock Inc. now owns 1,292,044 shares of the shipping company’s stock worth $9,509,000 after acquiring an additional 123,775 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Genco Shipping & Trading by 16.2% during the 4th quarter. Bank of New York Mellon Corp now owns 67,930 shares of the shipping company’s stock worth $500,000 after acquiring an additional 9,457 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Genco Shipping & Trading by 15.4% during the 4th quarter. Wells Fargo & Company MN now owns 50,896 shares of the shipping company’s stock worth $375,000 after acquiring an additional 6,776 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Genco Shipping & Trading by 15.9% during the 4th quarter. Rhumbline Advisers now owns 26,205 shares of the shipping company’s stock worth $193,000 after acquiring an additional 3,600 shares in the last quarter. Finally, Citigroup Inc. boosted its stake in shares of Genco Shipping & Trading by 21.5% during the 4th quarter. Citigroup Inc. now owns 17,839 shares of the shipping company’s stock worth $131,000 after acquiring an additional 3,155 shares in the last quarter. 64.88% of the stock is owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, 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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