Genco Shipping & Trading (NYSE:GNK) Upgraded by Zacks Research to Strong-Buy Rating

Genco Shipping & Trading (NYSE:GNK) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $29.00 target price on shares of Genco Shipping & Trading in a research report on Friday, May 8th. Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Finally, Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Genco Shipping & Trading currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.67.

Genco Shipping & Trading Trading Up 0.3%

NYSE GNK opened at $25.43 on Tuesday. The firm has a market capitalization of $1.11 billion, a PE ratio of 66.91, a price-to-earnings-growth ratio of 3.11 and a beta of 0.93. The business’s 50-day moving average price is $24.29 and its two-hundred day moving average price is $23.00. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. Genco Shipping & Trading has a 12 month low of $15.51 and a 12 month high of $27.25.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, May 6th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.19. The company had revenue of $114.43 million during the quarter, compared to the consensus estimate of $65.73 million. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The firm’s revenue was up 60.6% compared to the same quarter last year. During the same period last year, the company earned ($0.28) earnings per share. On average, analysts expect that Genco Shipping & Trading will post 2.12 EPS for the current year.

Institutional Trading of Genco Shipping & Trading

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in shares of Genco Shipping & Trading by 2.3% during the 3rd quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock worth $622,000 after purchasing an additional 779 shares during the last quarter. Invesco Ltd. boosted its position in Genco Shipping & Trading by 0.8% during the fourth quarter. Invesco Ltd. now owns 125,535 shares of the shipping company’s stock worth $2,314,000 after purchasing an additional 935 shares during the period. Blue Trust Inc. boosted its position in Genco Shipping & Trading by 230.1% during the first quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock worth $30,000 after purchasing an additional 939 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Genco Shipping & Trading by 58.2% in the third quarter. PNC Financial Services Group Inc. now owns 3,073 shares of the shipping company’s stock worth $55,000 after purchasing an additional 1,131 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Genco Shipping & Trading by 3.3% in the third quarter. Legal & General Group Plc now owns 43,605 shares of the shipping company’s stock worth $776,000 after purchasing an additional 1,381 shares in the last quarter. 58.62% of the stock is owned by institutional investors.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.