Genco Shipping & Trading Limited (NYSE:GNK) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $24.60.

Several brokerages have weighed in on GNK. Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective on the stock.

Genco Shipping & Trading Stock Performance

NYSE GNK opened at $16.41 on Friday. The stock has a market cap of $701.44 million, a P/E ratio of 49.71, a PEG ratio of 0.25 and a beta of 0.98. The company’s 50-day simple moving average is $17.34 and its 200 day simple moving average is $19.48. Genco Shipping & Trading has a twelve month low of $12.65 and a twelve month high of $23.43. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The business had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $74.86 million. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 earnings per share. As a group, research analysts forecast that Genco Shipping & Trading will post 1.79 earnings per share for the current fiscal year.

Institutional Trading of Genco Shipping & Trading

Several hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Genco Shipping & Trading by 6,233.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock valued at $24,395,000 after buying an additional 1,181,000 shares during the period. Renaissance Technologies LLC lifted 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 valued at $22,376,000 after buying an additional 419,730 shares during the period. Elevatus Welath Management acquired a new position in Genco Shipping & Trading in the first quarter valued at approximately $5,850,000. Algert Global LLC lifted its holdings in Genco Shipping & Trading by 694.2% in the second quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock valued at $5,098,000 after buying an additional 209,093 shares during the period. Finally, Foundry Partners LLC acquired a new stake in Genco Shipping & Trading in the first quarter worth $3,812,000. 58.62% of the stock is owned by institutional investors.

Genco Shipping & Trading Company Profile

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.