Genco Shipping & Trading (NYSE:GNK) Stock Rating Lowered by Zacks Research

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

Several other research analysts have also weighed in on GNK. Alliance Global Partners lowered shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Friday. Finally, Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Genco Shipping & Trading has an average rating of “Moderate Buy” and an average price target of $21.00.

Genco Shipping & Trading Stock Performance

Genco Shipping & Trading stock opened at $22.52 on Monday. Genco Shipping & Trading has a 52 week low of $11.20 and a 52 week high of $24.81. The company has a current ratio of 2.39, a quick ratio of 1.84 and a debt-to-equity ratio of 0.21. The stock has a market cap of $975.70 million, a P/E ratio of -204.74, a price-to-earnings-growth ratio of 5.07 and a beta of 1.14. The stock has a 50 day moving average of $21.97 and a 200-day moving average of $19.36.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Tuesday, February 17th. The shipping company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The business had revenue of $109.92 million during the quarter, compared to analyst estimates of $78.52 million. Genco Shipping & Trading had a negative net margin of 1.28% and a negative return on equity of 0.12%. The business’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.29 earnings per share. On average, analysts expect that Genco Shipping & Trading will post 0.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 6,340 shares of Genco Shipping & Trading stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $23.67, for a total value of $150,067.80. Following the completion of the transaction, the chief accounting officer owned 38,519 shares of the company’s stock, valued at $911,744.73. The trade was a 14.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Peter George Allen sold 13,315 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $23.66, for a total transaction of $315,032.90. Following the sale, the chief financial officer directly owned 66,702 shares in the company, valued at $1,578,169.32. This trade represents a 16.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 55,824 shares of company stock valued at $1,313,949 over the last 90 days. 2.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently bought and sold shares of the business. American Century Companies Inc. lifted its holdings in Genco Shipping & Trading by 4.0% in the third quarter. American Century Companies Inc. now owns 1,611,227 shares of the shipping company’s stock worth $28,680,000 after acquiring an additional 62,030 shares during the last quarter. Townsend & Associates Inc grew its holdings in shares of Genco Shipping & Trading by 0.7% during the fourth quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock valued at $25,373,000 after purchasing an additional 8,488 shares during the last quarter. Focus Partners Wealth grew its holdings in shares of Genco Shipping & Trading by 3.1% during the fourth quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock valued at $15,385,000 after purchasing an additional 26,326 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Genco Shipping & Trading by 14.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock worth $13,799,000 after purchasing an additional 96,703 shares during the period. Finally, Millennium Management LLC raised its position in shares of Genco Shipping & Trading by 100.3% during the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after purchasing an additional 272,094 shares during the period. Institutional investors and hedge funds 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.