Alliance Global Partners Raises Genco Shipping & Trading (NYSE:GNK) Price Target to $27.00

Genco Shipping & Trading (NYSE:GNK) had its price objective increased by investment analysts at Alliance Global Partners from $25.00 to $27.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the shipping company’s stock. Alliance Global Partners’ price objective suggests a potential upside of 25.17% from the company’s current price.

A number of other research analysts have also weighed in on GNK. B. Riley increased their price objective on Genco Shipping & Trading from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, May 10th. Jefferies Financial Group raised their target price on Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Stifel Nicolaus lifted their price objective on Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Finally, StockNews.com raised Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research note on Friday, May 10th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.40.

Genco Shipping & Trading Trading Up 1.2 %

Shares of NYSE GNK traded up $0.26 during trading hours on Monday, hitting $21.57. 148,113 shares of the company traded hands, compared to its average volume of 677,477. The company’s 50 day moving average price is $21.81 and its 200 day moving average price is $19.65. The stock has a market capitalization of $922.33 million, a price-to-earnings ratio of 361.17 and a beta of 0.96. The company has a current ratio of 3.72, a quick ratio of 2.94 and a debt-to-equity ratio of 0.18. Genco Shipping & Trading has a 12 month low of $12.65 and a 12 month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. The business had revenue of $117.44 million during the quarter, compared to analysts’ expectations of $77.31 million. Genco Shipping & Trading had a return on equity of 5.15% and a net margin of 0.81%. The business’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.06 EPS. On average, equities research analysts anticipate that Genco Shipping & Trading will post 2.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Arthur L. Regan sold 1,400 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $22.86, for a total value of $32,004.00. Following the completion of the sale, the director now directly owns 104,414 shares in the company, valued at approximately $2,386,904.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Large investors have recently modified their holdings of the stock. Tidal Investments LLC raised its holdings in shares of Genco Shipping & Trading by 18.4% during the first quarter. Tidal Investments LLC now owns 19,743 shares of the shipping company’s stock valued at $401,000 after buying an additional 3,068 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Genco Shipping & Trading in the 1st quarter worth about $400,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Genco Shipping & Trading by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the shipping company’s stock worth $246,000 after purchasing an additional 1,782 shares during the period. Elevatus Welath Management purchased a new position in shares of Genco Shipping & Trading during the 1st quarter valued at $5,850,000. Finally, Vanguard Group Inc. grew its holdings in shares of Genco Shipping & Trading by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock valued at $23,326,000 after acquiring an additional 47,060 shares in 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.