Genco Shipping & Trading (NYSE:GNK) Stock Rating Upgraded by Wall Street Zen

Genco Shipping & Trading (NYSE:GNK) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

Several other brokerages have also recently commented on GNK. SEB Equity Research set a $23.00 price target on Genco Shipping & Trading in a research report on Friday, September 26th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 1st. Two equities 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. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $21.00.

Genco Shipping & Trading Stock Up 1.0%

GNK opened at $19.29 on Friday. The company has a market cap of $833.88 million, a PE ratio of -113.44 and a beta of 1.17. Genco Shipping & Trading has a twelve month low of $11.20 and a twelve month high of $19.60. The company has a 50-day moving average price of $17.28 and a 200 day moving average price of $16.15. The company has a quick ratio of 1.98, a current ratio of 2.36 and a debt-to-equity ratio of 0.18.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its position in Genco Shipping & Trading by 82.2% during the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after purchasing an additional 876 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at approximately $30,000. Advisory Services Network LLC acquired a new stake in shares of Genco Shipping & Trading during the 3rd quarter worth approximately $30,000. Signaturefd LLC increased its holdings in shares of Genco Shipping & Trading by 239.0% during the 2nd quarter. Signaturefd LLC now owns 2,549 shares of the shipping company’s stock worth $33,000 after buying an additional 1,797 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at approximately $35,000. Hedge funds and other institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.