Genco Shipping & Trading (NYSE:GNK) PT Lowered to $27.00

Genco Shipping & Trading (NYSE:GNKGet Rating) had its target price reduced by analysts at Alliance Global Partners to $27.00 in a research report issued on Wednesday, Stock Target Advisor reports. Alliance Global Partners’ price target indicates a potential upside of 70.99% from the stock’s previous close.

GNK has been the topic of a number of other reports. StockNews.com started coverage on Genco Shipping & Trading in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Jefferies Financial Group decreased their price target on Genco Shipping & Trading from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, September 26th. Stifel Nicolaus assumed coverage on Genco Shipping & Trading in a research report on Thursday, September 29th. They issued a “buy” rating and a $20.00 price objective for the company. B. Riley cut their target price on shares of Genco Shipping & Trading from $31.00 to $27.00 and set a “buy” rating on the stock in a report on Monday, October 10th. Finally, BTIG Research decreased their target price on shares of Genco Shipping & Trading to $22.00 in a research note on Tuesday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.20.

Genco Shipping & Trading Trading Up 0.8 %

Shares of GNK opened at $15.79 on Wednesday. Genco Shipping & Trading has a fifty-two week low of $11.92 and a fifty-two week high of $27.15. The firm has a market cap of $668.34 million, a price-to-earnings ratio of 3.07 and a beta of 1.01. The firm has a 50 day moving average price of $13.91 and a 200-day moving average price of $17.48. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.05 and a current ratio of 2.63.

Insider Activity at Genco Shipping & Trading

In other Genco Shipping & Trading news, Director Arthur L. Regan sold 62,512 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $15.65, for a total value of $978,312.80. Following the completion of the transaction, the director now directly owns 55,824 shares in the company, valued at approximately $873,645.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors have recently bought and sold shares of GNK. Allspring Global Investments Holdings LLC purchased a new position in shares of Genco Shipping & Trading during the 2nd quarter worth approximately $25,000. Spire Wealth Management bought a new stake in shares of Genco Shipping & Trading during the second quarter valued at approximately $26,000. Acadian Asset Management LLC purchased a new stake in Genco Shipping & Trading in the first quarter worth $26,000. Edmond DE Rothschild Holding S.A. bought a new position in Genco Shipping & Trading in the first quarter worth $28,000. Finally, Ensign Peak Advisors Inc raised its holdings in Genco Shipping & Trading by 53.2% in the third quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock worth $30,000 after purchasing an additional 840 shares in the last quarter. 80.23% of the stock is owned by institutional investors.

About Genco Shipping & Trading

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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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