Genco Shipping & Trading (GNK) Hits New 12-Month High and Low at $16.86

Genco Shipping & Trading (NYSE:GNK)’s share price reached a new 52-week high and low during mid-day trading on Wednesday . The stock traded as low as $16.86 and last traded at $16.74, with a volume of 98991 shares changing hands. The stock had previously closed at $15.86.

GNK has been the topic of several research reports. ValuEngine downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Friday, March 2nd. Morgan Stanley cut their target price on Genco Shipping & Trading from $15.00 to $14.50 and set an “equal weight” rating on the stock in a research report on Tuesday. TheStreet raised Genco Shipping & Trading from a “d” rating to a “c-” rating in a research report on Wednesday, February 28th. Noble Financial initiated coverage on Genco Shipping & Trading in a research report on Friday, January 12th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Zacks Investment Research raised Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research report on Tuesday, January 9th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $17.64.

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The company has a debt-to-equity ratio of 0.51, a current ratio of 4.14 and a quick ratio of 4.14.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Tuesday, February 27th. The shipping company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.10. Genco Shipping & Trading had a negative return on equity of 4.49% and a negative net margin of 28.00%. The firm had revenue of $74.92 million for the quarter, compared to the consensus estimate of $58.10 million. equities analysts forecast that Genco Shipping & Trading will post 0.67 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of GNK. Vanguard Group Inc. boosted its holdings in Genco Shipping & Trading by 62.6% in the second quarter. Vanguard Group Inc. now owns 117,010 shares of the shipping company’s stock valued at $1,108,000 after purchasing an additional 45,070 shares during the last quarter. State Street Corp purchased a new stake in Genco Shipping & Trading in the second quarter valued at $582,000. California State Teachers Retirement System purchased a new stake in Genco Shipping & Trading in the second quarter valued at $129,000. Schwab Charles Investment Management Inc. purchased a new stake in Genco Shipping & Trading in the fourth quarter valued at $163,000. Finally, Wells Fargo & Company MN boosted its holdings in Genco Shipping & Trading by 2,064.0% in the fourth quarter. Wells Fargo & Company MN now owns 11,599 shares of the shipping company’s stock valued at $154,000 after purchasing an additional 11,063 shares during the last quarter. 86.72% of the stock is currently owned by institutional investors.

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Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ores, coal, grains, steel products, and other dry-bulk cargoes. The company charters its vessels primarily to trading houses, such as commodities traders; producers; and government-owned entities.

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