Genco Shipping & Trading (NYSE:GNK) Sets New 52-Week High – Time to Buy?

Genco Shipping & Trading Limited (NYSE:GNK) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $21.35 and last traded at $21.3160, with a volume of 362530 shares. The stock had previously closed at $20.90.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Buy” and an average price target of $21.00.

Genco Shipping & Trading Trading Up 2.0%

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 stock has a market capitalization of $921.70 million, a PE ratio of -125.39, a P/E/G ratio of 5.64 and a beta of 1.21. The stock has a 50 day moving average price of $19.08 and a 200-day moving average price of $17.72.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, November 5th. The shipping company reported ($0.01) EPS for the quarter, meeting analysts’ consensus estimates of ($0.01). The company had revenue of $79.92 million during the quarter, compared to analysts’ expectations of $65.06 million. Genco Shipping & Trading had a negative return on equity of 0.62% and a negative net margin of 2.14%.Genco Shipping & Trading’s revenue for the quarter was down 19.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 earnings per share. Sell-side analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its stake in shares of Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after acquiring an additional 876 shares during the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at approximately $30,000. Advisory Services Network LLC purchased a new stake in shares of Genco Shipping & Trading in the third quarter worth $30,000. Signaturefd LLC raised its holdings in Genco Shipping & Trading by 239.0% during the second quarter. Signaturefd LLC now owns 2,549 shares of the shipping company’s stock valued at $33,000 after acquiring an additional 1,797 shares during the period. Finally, Sunbelt Securities Inc. bought a new stake in Genco Shipping & Trading during the 3rd quarter valued at approximately $35,000. 58.62% of the stock is owned by hedge funds and other institutional investors.

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.