Genco Shipping & Trading Limited (GNK) Receives Average Rating of “Buy” from Brokera

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have received an average recommendation of “Buy” from the ten brokerages that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $17.93.

Several research analysts recently weighed in on the company. Zacks Investment Research upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research report on Wednesday. ValuEngine cut Genco Shipping & Trading from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 16th. Morgan Stanley reduced their price target on Genco Shipping & Trading from $15.00 to $14.50 and set an “equal weight” rating for the company in a research report on Tuesday, April 17th. Finally, Deutsche Bank started coverage on Genco Shipping & Trading in a research report on Monday, April 16th. They set a “buy” rating and a $19.00 price target for the company.

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Shares of GNK stock opened at $16.68 on Friday. The company has a quick ratio of 3.75, a current ratio of 4.12 and a debt-to-equity ratio of 0.52. The stock has a market cap of $714.19 million, a P/E ratio of -12.93 and a beta of 0.04. Genco Shipping & Trading has a 52 week low of $8.55 and a 52 week high of $20.07.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Tuesday, May 8th. The shipping company reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. The company had revenue of $76.92 million during the quarter, compared to analysts’ expectations of $56.93 million. Genco Shipping & Trading had a negative return on equity of 2.26% and a negative net margin of 39.84%. research analysts forecast that Genco Shipping & Trading will post 0.87 EPS for the current year.

Several institutional investors have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Genco Shipping & Trading in the first quarter valued at approximately $236,000. Royal Bank of Canada increased its position in shares of Genco Shipping & Trading by 2,887.7% in the first quarter. Royal Bank of Canada now owns 14,550 shares of the shipping company’s stock valued at $207,000 after buying an additional 14,063 shares in the last quarter. Millennium Management LLC increased its position in shares of Genco Shipping & Trading by 1,102.9% in the first quarter. Millennium Management LLC now owns 168,402 shares of the shipping company’s stock valued at $2,395,000 after buying an additional 154,402 shares in the last quarter. Element Capital Management LLC acquired a new stake in shares of Genco Shipping & Trading in the first quarter worth approximately $187,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Genco Shipping & Trading in the first quarter worth approximately $300,000. Institutional investors and hedge funds own 86.09% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ores, coal, grains, steel products, and other dry-bulk cargoes. The company charters its vessels primarily to trading houses, such as commodities traders; producers; and government-owned entities.

Analyst Recommendations for Genco Shipping & Trading (NYSE:GNK)

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