Genco Shipping & Trading (NYSE:GNK) Downgraded by StockNews.com to “Hold”

Genco Shipping & Trading (NYSE:GNK) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

A number of other equities analysts have also commented on the company. Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target on the stock. Finally, Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price objective for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Trading Down 0.8 %

Shares of NYSE:GNK opened at $13.92 on Tuesday. Genco Shipping & Trading has a 1 year low of $13.91 and a 1 year high of $23.43. The firm has a fifty day moving average price of $16.31 and a 200 day moving average price of $18.21. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $595.19 million, a PE ratio of 8.87, a P/E/G ratio of 0.24 and a beta of 0.96.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. The company had revenue of $99.33 million during the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a return on equity of 8.46% and a net margin of 15.63%. The firm’s revenue was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.09) EPS. Analysts expect that Genco Shipping & Trading will post 1.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Moors & Cabot Inc. boosted its stake in Genco Shipping & Trading by 2.0% during the second quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock worth $669,000 after buying an additional 628 shares in the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of Genco Shipping & Trading by 1.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock worth $1,158,000 after acquiring an additional 682 shares during the period. CWM LLC boosted its position in shares of Genco Shipping & Trading by 109.5% during the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after acquiring an additional 998 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Genco Shipping & Trading by 12.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock valued at $244,000 after acquiring an additional 1,279 shares during the period. Finally, Point72 Asset Management L.P. raised its position in Genco Shipping & Trading by 7.6% in the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock worth $390,000 after purchasing an additional 1,300 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.