Genco Shipping & Trading (NYSE:GNK) traded up 5.5% during mid-day trading on Tuesday . The company traded as high as $18.87 and last traded at $18.75. 768,564 shares changed hands during trading, an increase of 457% from the average session volume of 138,100 shares. The stock had previously closed at $17.78.
A number of equities research analysts recently issued reports on the company. Zacks Investment Research raised Genco Shipping & Trading from a “strong sell” rating to a “hold” rating in a research report on Friday, May 11th. ValuEngine raised Genco Shipping & Trading from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. Morgan Stanley reduced their price target on Genco Shipping & Trading from $15.00 to $14.50 and set an “equal weight” rating on the stock in a research report on Tuesday, April 17th. Deutsche Bank assumed coverage on Genco Shipping & Trading in a research report on Monday, April 16th. They set a “buy” rating and a $19.00 price target on the stock. Finally, TheStreet raised Genco Shipping & Trading from a “d” rating to a “c-” rating in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Genco Shipping & Trading currently has a consensus rating of “Buy” and a consensus price target of $17.64.
The company has a debt-to-equity ratio of 0.52, a current ratio of 4.12 and a quick ratio of 3.75. The company has a market capitalization of $611.56 million, a price-to-earnings ratio of -14.57 and a beta of -0.03.
Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Tuesday, May 8th. The shipping company reported $0.02 earnings per share for the quarter, hitting 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 during the quarter, compared to analysts’ expectations of $56.93 million. equities analysts forecast that Genco Shipping & Trading will post 0.84 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GNK. Strategic Value Partners LLC bought a new stake in Genco Shipping & Trading during the fourth quarter worth $135,404,000. Raynor Geoffrey lifted its stake in Genco Shipping & Trading by 1,704.8% during the fourth quarter. Raynor Geoffrey now owns 1,011,408 shares of the shipping company’s stock worth $13,472,000 after purchasing an additional 955,369 shares during the last quarter. Jefferies Group LLC bought a new stake in Genco Shipping & Trading during the fourth quarter worth $4,262,000. Millennium Management LLC lifted its stake in Genco Shipping & Trading by 1,102.9% during the first quarter. Millennium Management LLC now owns 168,402 shares of the shipping company’s stock worth $2,395,000 after purchasing an additional 154,402 shares during the last quarter. Finally, Chicago Equity Partners LLC bought a new stake in Genco Shipping & Trading during the first quarter worth $1,649,000. Hedge funds and other institutional investors own 89.65% of the company’s stock.
Genco Shipping & Trading Company Profile
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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