Genco Shipping & Trading (NYSE:GNK) Shares Gap Up – Time to Buy?

Genco Shipping & Trading Limited (NYSE:GNK)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $16.77, but opened at $18.09. Genco Shipping & Trading shares last traded at $17.87, with a volume of 217,602 shares changing hands.

Analyst Ratings Changes

Several equities analysts have commented on GNK shares. Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 price target on shares of Genco Shipping & Trading in a report on Thursday. Finally, Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price target for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Stock Performance

The company has a market capitalization of $755.14 million, a P/E ratio of 54.70, a price-to-earnings-growth ratio of 0.25 and a beta of 0.98. The firm has a 50 day moving average price of $17.33 and a two-hundred day moving average price of $19.46. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, meeting the consensus estimate of $0.41. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The company had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. During the same period in the prior year, the company posted ($0.09) EPS. The company’s revenue was up 19.2% compared to the same quarter last year. On average, research analysts expect that Genco Shipping & Trading Limited will post 1.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Genco Shipping & Trading

A number of large investors have recently bought and sold shares of GNK. Moors & Cabot Inc. boosted its position in Genco Shipping & Trading by 2.0% in the 2nd quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock valued at $669,000 after buying an additional 628 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in Genco Shipping & Trading by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock valued at $1,158,000 after buying an additional 682 shares during the last quarter. CWM LLC boosted its position in Genco Shipping & Trading by 109.5% in the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after buying an additional 998 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Genco Shipping & Trading by 12.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock valued at $244,000 after buying an additional 1,279 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in Genco Shipping & Trading by 7.6% in the 2nd quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock valued at $390,000 after buying an additional 1,300 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors.

About Genco Shipping & Trading

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.