Genco Shipping & Trading (NYSE:GNK) Sets New 1-Year High – Time to Buy?

Shares of Genco Shipping & Trading Limited (NYSE:GNK) reached a new 52-week high during trading on Tuesday . The company traded as high as $21.65 and last traded at $21.54, with a volume of 383840 shares traded. The stock had previously closed at $20.97.

Wall Street Analysts Forecast Growth

GNK has been the topic of several research analyst reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a report on Monday, December 29th. Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Trading Up 2.4%

The company has a current ratio of 2.36, a quick ratio of 1.98 and a debt-to-equity ratio of 0.18. The company has a fifty day moving average price of $19.26 and a two-hundred day moving average price of $17.89. The firm has a market capitalization of $928.19 million, a price-to-earnings ratio of -126.27, a PEG ratio of 5.60 and a beta of 1.21.

Institutional Investors Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada boosted its holdings in Genco Shipping & Trading by 68.2% in the 1st quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company’s stock valued at $725,000 after purchasing an additional 22,007 shares during the last quarter. Amundi grew its position in Genco Shipping & Trading by 29.0% in the first quarter. Amundi now owns 8,000 shares of the shipping company’s stock worth $101,000 after acquiring an additional 1,800 shares during the period. AQR Capital Management LLC increased its stake in Genco Shipping & Trading by 49.3% during the first quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after acquiring an additional 97,766 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its position in Genco Shipping & Trading by 59.5% in the first quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company’s stock valued at $238,000 after purchasing an additional 6,660 shares during the period. Finally, Inspire Investing LLC lifted its stake in shares of Genco Shipping & Trading by 16.7% in the 2nd quarter. Inspire Investing LLC now owns 29,967 shares of the shipping company’s stock valued at $392,000 after purchasing an additional 4,286 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.