Genco Shipping & Trading (NYSE:GNK) Reaches New 52-Week High Following Earnings Beat

Shares of Genco Shipping & Trading Limited (NYSE:GNK) reached a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $22.38 and last traded at $22.4250, with a volume of 103961 shares changing hands. The stock had previously closed at $22.21.

The shipping company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $109.92 million during the quarter, compared to the consensus estimate of $78.52 million. Genco Shipping & Trading had a negative net margin of 2.14% and a negative return on equity of 0.62%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $21.00.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its position in shares of Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after acquiring an additional 876 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in Genco Shipping & Trading during the third quarter valued at approximately $30,000. Advisory Services Network LLC bought a new stake in Genco Shipping & Trading during the third quarter worth $30,000. Strengthening Families & Communities LLC bought a new stake in Genco Shipping & Trading during the fourth quarter worth $31,000. Finally, Kemnay Advisory Services Inc. acquired a new stake in shares of Genco Shipping & Trading in the 4th quarter valued at $32,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.

Genco Shipping & Trading Stock Performance

The company has a current ratio of 2.36, a quick ratio of 1.98 and a debt-to-equity ratio of 0.18. The company has a market cap of $973.33 million, a P/E ratio of -132.41, a price-to-earnings-growth ratio of 5.99 and a beta of 1.21. The company has a 50 day moving average price of $19.55 and a 200-day moving average price of $18.10.

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.