Zacks Research Downgrades Genco Shipping & Trading (NYSE:GNK) to Hold

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

Other research analysts have also issued reports about the stock. B. Riley Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.00.

Genco Shipping & Trading Price Performance

GNK stock opened at $26.02 on Wednesday. The company has a market capitalization of $1.13 billion, a PE ratio of 28.59, a price-to-earnings-growth ratio of 3.03 and a beta of 0.94. The company’s fifty day moving average price is $25.00 and its 200-day moving average price is $23.90. Genco Shipping & Trading has a one year low of $15.55 and a one year high of $27.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.97.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.60 by $0.05. The business had revenue of $136.41 million during the quarter, compared to the consensus estimate of $90.59 million. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The business’s revenue was up 68.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.16) EPS. On average, equities analysts anticipate that Genco Shipping & Trading will post 2.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its stake in shares of Genco Shipping & Trading by 230.1% during the 1st quarter. Blue Trust Inc. now owns 1,347 shares of the shipping company’s stock worth $30,000 after acquiring an additional 939 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Genco Shipping & Trading in the second quarter worth $35,000. Strengthening Families & Communities LLC bought a new stake in shares of Genco Shipping & Trading during the fourth quarter worth $31,000. Advisory Services Network LLC bought a new stake in shares of Genco Shipping & Trading during the third quarter worth $30,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Genco Shipping & Trading during the fourth quarter valued at $32,000. Institutional investors own 58.62% of the company’s stock.

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.