Weiss Ratings Reaffirms Hold (C) Rating for Genco Shipping & Trading (NYSE:GNK)

Genco Shipping & Trading (NYSE:GNK)‘s stock had its “hold (c)” rating reiterated by investment analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other analysts also recently issued reports on GNK. SEB Equity Research set a $23.00 price target on shares of Genco Shipping & Trading in a report on Friday, September 26th. Jefferies Financial Group reissued a “buy” rating and issued a $19.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Genco Shipping & Trading presently has a consensus rating of “Buy” and an average price target of $19.67.

Genco Shipping & Trading Price Performance

Shares of Genco Shipping & Trading stock opened at $16.56 on Wednesday. The stock has a market cap of $711.42 million, a P/E ratio of 48.71 and a beta of 1.22. Genco Shipping & Trading has a one year low of $11.20 and a one year high of $19.60. The stock’s fifty day moving average is $17.28 and its 200 day moving average is $14.88. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.20 and a current ratio of 1.63.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, August 6th. The shipping company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm had revenue of $46.90 million for the quarter, compared to the consensus estimate of $50.19 million. Genco Shipping & Trading had a net margin of 4.40% and a return on equity of 1.40%. The company’s revenue was down 24.4% on a year-over-year basis. During the same period last year, the firm earned $0.46 EPS. Sell-side analysts anticipate that Genco Shipping & Trading will post 0.48 earnings per share for the current year.

Insider Activity at Genco Shipping & Trading

In other news, insider Jesper Christensen sold 34,202 shares of the business’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $18.06, for a total value of $617,688.12. Following the completion of the sale, the insider owned 69,363 shares in the company, valued at approximately $1,252,695.78. The trade was a 33.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.37% of the company’s stock.

Institutional Investors Weigh In On Genco Shipping & Trading

Several large investors have recently modified their holdings of GNK. PNC Financial Services Group Inc. raised 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 in the last quarter. Signaturefd LLC grew its position in 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 purchasing an additional 1,797 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Genco Shipping & Trading during the 1st quarter worth approximately $39,000. Farther Finance Advisors LLC grew its position in Genco Shipping & Trading by 303.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,275 shares of the shipping company’s stock worth $43,000 after purchasing an additional 2,463 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Genco Shipping & Trading by 1,119.1% during the 1st quarter. GAMMA Investing LLC now owns 4,462 shares of the shipping company’s stock worth $60,000 after purchasing an additional 4,096 shares during the last quarter. 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.