Zacks Investment Research Upgrades Genco Shipping & Trading (GNK) to Hold

Zacks Investment Research upgraded shares of Genco Shipping & Trading (NYSE:GNK) from a strong sell rating to a hold rating in a research note issued to investors on Friday.

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. “

Other equities analysts have also issued reports about the company. Morgan Stanley increased their price target on Genco Shipping & Trading from $13.00 to $15.00 and gave the company an equal weight rating in a research note on Monday, February 12th. ValuEngine raised Genco Shipping & Trading from a buy rating to a strong-buy rating in a research note on Wednesday, May 2nd. Deutsche Bank began coverage on Genco Shipping & Trading in a research note on Monday, April 16th. They set a buy rating and a $19.00 price target for the company. Seaport Global Securities set a $18.00 price target on Genco Shipping & Trading and gave the company a buy rating in a research note on Wednesday, February 28th. Finally, Noble Financial began coverage on Genco Shipping & Trading in a research note on Friday, January 12th. They set a buy rating and a $20.00 price target for the company. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $17.64.

GNK opened at $18.02 on Friday. Genco Shipping & Trading has a 12 month low of $8.47 and a 12 month high of $18.98. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.75 and a current ratio of 4.12.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Tuesday, May 8th. The shipping company reported $0.02 EPS for the quarter, meeting the consensus estimate of $0.02. Genco Shipping & Trading had a negative return on equity of 2.26% and a negative net margin of 39.84%. The firm had revenue of $76.92 million for the quarter, compared to analysts’ expectations of $56.93 million. analysts anticipate that Genco Shipping & Trading will post 0.84 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northern Trust Corp boosted its stake in shares of Genco Shipping & Trading by 4.8% during the 1st quarter. Northern Trust Corp now owns 84,773 shares of the shipping company’s stock worth $1,205,000 after acquiring an additional 3,899 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Genco Shipping & Trading by 82.0% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 22,200 shares of the shipping company’s stock worth $316,000 after acquiring an additional 10,000 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Genco Shipping & Trading during the 4th quarter worth $145,000. Wells Fargo & Company MN boosted its stake in shares of Genco Shipping & Trading by 2,064.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,599 shares of the shipping company’s stock worth $154,000 after acquiring an additional 11,063 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Genco Shipping & Trading by 3.3% during the 4th quarter. BlackRock Inc. now owns 360,245 shares of the shipping company’s stock worth $4,798,000 after acquiring an additional 11,399 shares in the last quarter. 87.22% of the stock is owned by institutional investors and hedge funds.

About Genco Shipping & Trading

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 ores, coal, grains, steel products, and other dry-bulk cargoes. The company charters its vessels primarily to trading houses, such as commodities traders; producers; and government-owned entities.

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