Genco Shipping & Trading (NYSE:GNK) PT Raised to $23.00

Genco Shipping & Trading (NYSE:GNK) had its target price raised by analysts at Stifel Nicolaus from $22.00 to $23.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the shipping company’s stock. Stifel Nicolaus’ price target would indicate a potential upside of 12.80% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. BTIG Research reissued a “neutral” rating on shares of Genco Shipping & Trading in a research note on Friday, January 5th. TheStreet raised shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. Finally, StockNews.com downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Genco Shipping & Trading presently has a consensus rating of “Hold” and a consensus target price of $21.00.

Genco Shipping & Trading Price Performance

Shares of NYSE GNK traded up $0.11 during midday trading on Friday, reaching $20.39. The company’s stock had a trading volume of 211,366 shares, compared to its average volume of 726,021. The company has a market cap of $871.67 million, a price-to-earnings ratio of -65.90 and a beta of 1.18. Genco Shipping & Trading has a one year low of $12.39 and a one year high of $21.24. The company has a current ratio of 4.46, a quick ratio of 3.70 and a debt-to-equity ratio of 0.21. The company has a 50 day moving average price of $19.88 and a 200 day moving average price of $16.89.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, February 21st. The shipping company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The company had revenue of $115.50 million during the quarter, compared to the consensus estimate of $72.54 million. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The company’s quarterly revenue was down 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.67 EPS. On average, equities research analysts expect that Genco Shipping & Trading will post 1.9 EPS for the current year.

Insider Transactions at Genco Shipping & Trading

In other news, CFO Peter George Allen sold 7,036 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $139,312.80. Following the transaction, the chief financial officer now directly owns 35,518 shares in the company, valued at approximately $703,256.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Joseph Adamo sold 6,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.87, for a total value of $119,220.00. Following the transaction, the chief accounting officer now owns 17,202 shares in the company, valued at $341,803.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $139,312.80. Following the completion of the sale, the chief financial officer now owns 35,518 shares of the company’s stock, valued at $703,256.40. The disclosure for this sale can be found here. Insiders sold 62,496 shares of company stock valued at $1,238,678 over the last three months. 2.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC bought a new position in shares of Genco Shipping & Trading in the 1st quarter valued at approximately $26,000. Ensign Peak Advisors Inc lifted its stake in shares of Genco Shipping & Trading by 53.2% in the third quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock worth $30,000 after buying an additional 840 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Genco Shipping & Trading by 1,632.8% in the third quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock worth $32,000 after buying an additional 2,139 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Genco Shipping & Trading by 114.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,603 shares of the shipping company’s stock worth $32,000 after buying an additional 1,387 shares during the period. Finally, Gladius Capital Management LP acquired a new position in Genco Shipping & Trading in the 4th quarter valued at $37,000. 58.62% of the stock is currently owned by institutional investors.

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.