Genco Shipping & Trading (NYSE:GNK) Coverage Initiated at Jefferies Financial Group

Research analysts at Jefferies Financial Group assumed coverage on shares of Genco Shipping & Trading (NYSE:GNKGet Rating) in a research note issued on Wednesday, The Fly reports. The brokerage set a “buy” rating on the shipping company’s stock.

A number of other equities analysts have also issued reports on GNK. Zacks Investment Research lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday. StockNews.com began coverage on Genco Shipping & Trading in a report on Thursday, March 31st. They issued a “buy” rating for the company. Finally, TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Wednesday, February 2nd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $25.20.

Shares of NYSE GNK opened at $21.18 on Wednesday. The firm has a market capitalization of $891.70 million, a PE ratio of 4.96 and a beta of 0.85. The company’s 50 day moving average price is $21.64. Genco Shipping & Trading has a 52-week low of $13.21 and a 52-week high of $26.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 4.17 and a quick ratio of 3.59.

Genco Shipping & Trading (NYSE:GNKGet Rating) last posted its earnings results on Thursday, February 24th. The shipping company reported $1.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.10. The company had revenue of $146.67 million during the quarter, compared to analyst estimates of $129.28 million. Genco Shipping & Trading had a return on equity of 22.19% and a net margin of 33.27%. During the same period in the prior year, the company earned $0.22 earnings per share. As a group, research analysts anticipate that Genco Shipping & Trading will post 4.22 EPS for the current fiscal year.

In other news, insider Robert E. Hughes sold 10,500 shares of the stock in a transaction on Tuesday, March 8th. The stock was sold at an average price of $21.55, for a total value of $226,275.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John C. Wobensmith sold 10,090 shares of the stock in a transaction on Wednesday, February 23rd. The stock was sold at an average price of $19.73, for a total value of $199,075.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,292 shares of company stock valued at $1,696,480. 2.07% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of GNK. Ensign Peak Advisors Inc acquired a new stake in shares of Genco Shipping & Trading in the fourth quarter valued at about $25,000. Macquarie Group Ltd. bought a new stake in shares of Genco Shipping & Trading in the third quarter valued at about $62,000. USA Financial Portformulas Corp bought a new stake in shares of Genco Shipping & Trading in the third quarter valued at about $63,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Genco Shipping & Trading by 120.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,477 shares of the shipping company’s stock valued at $88,000 after buying an additional 2,988 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in shares of Genco Shipping & Trading by 27.9% in the fourth quarter. Lazard Asset Management LLC now owns 6,202 shares of the shipping company’s stock valued at $99,000 after buying an additional 1,354 shares during the period. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

About Genco Shipping & Trading (Get Rating)

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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