Genco Shipping & Trading (NYSE:GNK) Upgraded by Wall Street Zen to Hold Rating

Genco Shipping & Trading (NYSE:GNK) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Other analysts have also issued research reports about the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday. SEB Equity Research set a $23.00 price objective on Genco Shipping & Trading in a report on Friday, September 26th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $21.00.

Genco Shipping & Trading Stock Up 1.0%

Shares of NYSE:GNK opened at $19.29 on Friday. The company has a market capitalization of $833.88 million, a price-to-earnings ratio of -113.44 and a beta of 1.17. Genco Shipping & Trading has a 12-month low of $11.20 and a 12-month high of $19.60. The business has a 50-day moving average price of $17.28 and a 200 day moving average price of $16.11. The company has a current ratio of 2.36, a quick ratio of 1.98 and a debt-to-equity ratio of 0.18.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, November 5th. The shipping company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $79.92 million during the quarter, compared to analyst estimates of $65.06 million. Genco Shipping & Trading had a negative net margin of 2.14% and a negative return on equity of 0.62%. Genco Shipping & Trading’s revenue was down 19.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 earnings per share. Sell-side analysts expect that Genco Shipping & Trading will post 0.48 EPS for the current year.

Insider Buying and Selling

In other Genco Shipping & Trading news, insider Jesper Christensen sold 34,202 shares of the company’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $18.06, for a total transaction of $617,688.12. Following the sale, the insider owned 69,363 shares in the company, valued at $1,252,695.78. This represents a 33.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its position in shares of Genco Shipping & Trading by 82.2% during the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after buying an additional 876 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new position in Genco Shipping & Trading in the third quarter worth approximately $30,000. Advisory Services Network LLC acquired a new position in Genco Shipping & Trading during the 3rd quarter worth approximately $30,000. Signaturefd LLC grew its holdings 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 acquiring an additional 1,797 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Genco Shipping & Trading in the 3rd quarter valued at approximately $35,000. Hedge funds and other 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.