Genco Shipping & Trading (NYSE:GNK) Rating Lowered to Strong Sell at Zacks Research

Genco Shipping & Trading (NYSE:GNK) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday, Zacks reports.

A number of other equities analysts also recently commented on GNK. B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. BTIG Research reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Friday, September 18th. Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 29th. Finally, Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $29.00.

Genco Shipping & Trading Stock Performance

NYSE:GNK opened at $27.32 on Monday. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $1.19 billion, a P/E ratio of 30.03, a price-to-earnings-growth ratio of 3.23 and a beta of 0.96. The firm has a 50-day moving average price of $26.47 and a two-hundred day moving average price of $24.98. Genco Shipping & Trading has a twelve month low of $15.55 and a twelve month high of $28.42.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The business had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $90.59 million. During the same period last year, the company posted ($0.16) EPS. The company’s revenue was up 68.5% on a year-over-year basis. As a group, research analysts expect that Genco Shipping & Trading will post 2.22 earnings per share for the current fiscal year.

Institutional Trading of Genco Shipping & Trading

Several institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its position in shares of Genco Shipping & Trading by 364.8% during the first quarter. SG Americas Securities LLC now owns 307,663 shares of the shipping company’s stock worth $6,938,000 after buying an additional 241,471 shares during the period. Hsbc Holdings PLC acquired a new stake in Genco Shipping & Trading in the 1st quarter valued at approximately $2,552,000. Arrowstreet Capital Limited Partnership increased its position in Genco Shipping & Trading by 56.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 286,568 shares of the shipping company’s stock valued at $6,462,000 after acquiring an additional 102,868 shares during the period. Quantinno Capital Management LP raised its stake in Genco Shipping & Trading by 104.8% during the 1st quarter. Quantinno Capital Management LP now owns 56,860 shares of the shipping company’s stock valued at $1,282,000 after acquiring an additional 29,098 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in Genco Shipping & Trading by 12.4% during the 1st quarter. Empowered Funds LLC now owns 226,751 shares of the shipping company’s stock worth $5,113,000 after acquiring an additional 25,002 shares during the period. Institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a drybulk shipping company that owns and operates ocean-going vessels used to transport commodities worldwide. Its fleet serves the global seaborne trade in major and minor drybulk cargoes, including iron ore, coal, grain, steel products and other raw materials.

The company operates vessels across several drybulk segments, including Capesize, Ultramax, Supramax and Handysize ships. Genco provides transportation services to commodity producers, traders and industrial customers, with voyages covering major international trade routes and ports.

Founded in 2004 and headquartered in New York City, Genco became a publicly traded company in 2005.