Genco Shipping & Trading (NYSE:GNK) Rating Increased to Buy at ValuEngine

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ValuEngine upgraded shares of Genco Shipping & Trading (NYSE:GNK) from a hold rating to a buy rating in a research note issued to investors on Monday morning, ValuEngine reports.

A number of other equities research analysts have also weighed in on the stock. B. Riley reiterated a neutral rating on shares of New York Community Bancorp in a research note on Wednesday, April 10th. Zacks Investment Research upgraded shares of Garrett Motion from a sell rating to a hold rating in a research note on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $14.70.

Shares of GNK opened at $10.73 on Monday. The stock has a market cap of $446.15 million, a price-to-earnings ratio of 16.77 and a beta of 1.09. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.18 and a current ratio of 2.48. The company’s fifty day moving average is $8.07. Genco Shipping & Trading has a 1-year low of $6.83 and a 1-year high of $15.96.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, May 8th. The shipping company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). The company had revenue of $50.44 million for the quarter, compared to analysts’ expectations of $52.90 million. Genco Shipping & Trading had a net margin of 3.92% and a return on equity of 1.51%. Research analysts expect that Genco Shipping & Trading will post -0.2 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Alambic Investment Management L.P. acquired a new stake in Genco Shipping & Trading during the first quarter valued at $119,000. Mraz Amerine & Associates Inc. acquired a new stake in Genco Shipping & Trading during the first quarter valued at $188,000. Deutsche Bank AG grew its position in Genco Shipping & Trading by 307.0% during the fourth quarter. Deutsche Bank AG now owns 191,794 shares of the shipping company’s stock valued at $1,512,000 after buying an additional 144,665 shares during the period. Dimensional Fund Advisors LP grew its position in Genco Shipping & Trading by 19.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 887,739 shares of the shipping company’s stock valued at $7,004,000 after buying an additional 144,439 shares during the period. Finally, 683 Capital Management LLC grew its position in Genco Shipping & Trading by 73.3% during the fourth quarter. 683 Capital Management LLC now owns 118,200 shares of the shipping company’s stock valued at $933,000 after buying an additional 50,000 shares during the period. 83.26% of the stock is owned by hedge funds and other institutional investors.

About Genco Shipping & Trading

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 ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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