Stifel Nicolaus Boosts Genco Shipping & Trading (NYSE:GNK) Price Target to $23.00

Genco Shipping & Trading (NYSE:GNK) had its price objective upped by Stifel Nicolaus from $22.00 to $23.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the shipping company’s stock. Stifel Nicolaus’ target price suggests a potential upside of 12.80% from the stock’s current price.

A number of other equities research analysts have also recently commented on GNK. BTIG Research reissued a “neutral” rating on shares of Genco Shipping & Trading in a research note on Friday, January 5th. StockNews.com cut shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, TheStreet upgraded shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $21.00.

Genco Shipping & Trading Price Performance

NYSE:GNK traded up $0.11 on Friday, hitting $20.39. The company had a trading volume of 211,366 shares, compared to its average volume of 726,021. The firm has a 50 day moving average of $19.88 and a two-hundred day moving average of $16.89. The stock has a market capitalization of $871.67 million, a price-to-earnings ratio of -65.90 and a beta of 1.18. Genco Shipping & Trading has a 52 week low of $12.39 and a 52 week high of $21.24. The company has a current ratio of 4.46, a quick ratio of 3.70 and a debt-to-equity ratio of 0.21.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, February 21st. The shipping company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The company had revenue of $115.50 million during the quarter, compared to analysts’ expectations of $72.54 million. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. Genco Shipping & Trading’s revenue was down 9.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.67 EPS. On average, research analysts anticipate that Genco Shipping & Trading will post 1.9 earnings per share for the current year.

Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total transaction of $28,478.40. Following the sale, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Peter George Allen sold 7,036 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $139,312.80. Following the sale, the chief financial officer now directly owns 35,518 shares in the company, valued at $703,256.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Joseph Adamo sold 1,396 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total transaction of $28,478.40. Following the completion of the transaction, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at $367,077.60. The disclosure for this sale can be found here. Insiders sold 62,496 shares of company stock worth $1,238,678 over the last quarter. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of Genco Shipping & Trading

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cowen AND Company LLC purchased a new position in shares of Genco Shipping & Trading during the 3rd quarter valued at $11,733,000. First Trust Advisors LP bought a new stake in shares of Genco Shipping & Trading in the 1st quarter worth approximately $10,469,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Genco Shipping & Trading in the 1st quarter valued at $6,915,000. Townsend & Associates Inc boosted its stake in shares of Genco Shipping & Trading by 3,696.3% in the 4th quarter. Townsend & Associates Inc now owns 429,819 shares of the shipping company’s stock valued at $7,926,000 after purchasing an additional 418,497 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in shares of Genco Shipping & Trading by 603.1% during the 1st quarter. Balyasny Asset Management L.P. now owns 423,084 shares of the shipping company’s stock valued at $6,625,000 after purchasing an additional 362,914 shares during the last quarter. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

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