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

Shares of Genco Shipping & Trading Limited (NYSE:GNK) have been given a consensus recommendation of “Buy” by the eleven research firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $18.08.

Several research analysts have weighed in on the company. ValuEngine lowered Genco Shipping & Trading from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 14th. Noble Financial set a $24.00 target price on Genco Shipping & Trading and gave the stock a “buy” rating in a research report on Thursday, July 19th. MED reaffirmed a “reduce” rating on shares of Genco Shipping & Trading in a research report on Tuesday, October 9th. Finally, B. Riley assumed coverage on Genco Shipping & Trading in a research report on Thursday, October 4th. They issued a “buy” rating and a $22.00 target price on the stock.

In other news, CEO John C. Wobensmith sold 20,817 shares of the company’s stock in a transaction dated Wednesday, October 17th. The stock was sold at an average price of $12.24, for a total transaction of $254,800.08. Following the completion of the sale, the chief executive officer now owns 267,142 shares in the company, valued at approximately $3,269,818.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO John C. Wobensmith sold 12,210 shares of the company’s stock in a transaction dated Monday, October 15th. The stock was sold at an average price of $12.73, for a total value of $155,433.30. Following the sale, the chief executive officer now owns 267,142 shares of the company’s stock, valued at approximately $3,400,717.66. The disclosure for this sale can be found here. Corporate insiders own 1.23% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. boosted its stake in shares of Genco Shipping & Trading by 1,178.3% during the 2nd quarter. Meeder Asset Management Inc. now owns 7,823 shares of the shipping company’s stock worth $121,000 after acquiring an additional 7,211 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth about $146,000. Russell Investments Group Ltd. bought a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth about $163,000. Hartford Investment Management Co. bought a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth about $169,000. Finally, Element Capital Management LLC bought a new stake in shares of Genco Shipping & Trading during the 1st quarter worth about $187,000. Institutional investors own 87.68% of the company’s stock.

Shares of GNK stock opened at $10.74 on Thursday. The company has a current ratio of 4.14, a quick ratio of 3.85 and a debt-to-equity ratio of 0.39. Genco Shipping & Trading has a fifty-two week low of $9.75 and a fifty-two week high of $20.07. The stock has a market capitalization of $447.05 million, a price-to-earnings ratio of -8.33 and a beta of -0.07.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, August 8th. The shipping company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.04. Genco Shipping & Trading had a negative return on equity of 0.59% and a negative net margin of 29.58%. The company had revenue of $86.16 million for the quarter, compared to analyst estimates of $59.97 million. Equities research analysts expect that Genco Shipping & Trading will post 0.74 earnings per share for the current fiscal year.

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.

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

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