Genco Shipping & Trading (NYSE:GNK) Rating Increased to Strong-Buy at Zacks Investment Research

Genco Shipping & Trading (NYSE:GNK) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday, Zacks.com reports. The brokerage currently has a $10.00 target price on the shipping company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 20.34% from the company’s current price.

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 also recently commented on GNK. Fearnley Fonds downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating and set a price objective for the company. in a research note on Monday. ValuEngine upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating in a research note on Saturday, January 4th. Finally, Noble Financial restated a “buy” rating and set a $18.00 price objective on shares of Genco Shipping & Trading in a research note on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Genco Shipping & Trading currently has an average rating of “Buy” and a consensus target price of $13.58.

Genco Shipping & Trading stock opened at $8.31 on Monday. The stock’s 50 day moving average price is $10.02 and its 200 day moving average price is $9.91. The firm has a market capitalization of $346.98 million, a PE ratio of -8.94 and a beta of 1.10. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.83 and a current ratio of 2.02. Genco Shipping & Trading has a one year low of $6.83 and a one year high of $11.82.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 6th. The shipping company reported ($0.06) EPS for the quarter. The company had revenue of $60.81 million for the quarter, compared to analyst estimates of $62.14 million. Genco Shipping & Trading had a negative return on equity of 1.45% and a negative net margin of 9.82%. On average, analysts forecast that Genco Shipping & Trading will post -0.56 earnings per share for the current fiscal year.

In related news, Director Strategic Value Partners, Llc sold 2,000,000 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $10.00, for a total transaction of $20,000,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.32% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN grew its stake in shares of Genco Shipping & Trading by 121.4% in the second quarter. Wells Fargo & Company MN now owns 52,245 shares of the shipping company’s stock worth $441,000 after purchasing an additional 28,643 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Genco Shipping & Trading by 59.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,830 shares of the shipping company’s stock worth $294,000 after purchasing an additional 13,002 shares in the last quarter. Northern Trust Corp grew its stake in shares of Genco Shipping & Trading by 6.8% in the second quarter. Northern Trust Corp now owns 131,286 shares of the shipping company’s stock worth $1,108,000 after purchasing an additional 8,364 shares in the last quarter. BlackRock Inc. grew its stake in shares of Genco Shipping & Trading by 34.2% in the second quarter. BlackRock Inc. now owns 1,019,806 shares of the shipping company’s stock worth $8,607,000 after purchasing an additional 260,096 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Genco Shipping & Trading by 1.4% in the second quarter. Vanguard Group Inc. now owns 309,266 shares of the shipping company’s stock worth $2,611,000 after purchasing an additional 4,284 shares in the last quarter. Hedge funds and other institutional investors own 84.11% of the company’s stock.

Genco Shipping & Trading Company Profile

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.

Further Reading: How to calculate compound interest

Get a free copy of the Zacks research report on Genco Shipping & Trading (GNK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Genco Shipping & Trading (NYSE:GNK)

Receive News & Ratings for Genco Shipping & Trading Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Genco Shipping & Trading and related companies with MarketBeat.com's FREE daily email newsletter.