Genco Shipping & Trading (NYSE:GNK) Stock Rating Upgraded by Zacks Investment Research

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Genco Shipping & Trading (NYSE:GNK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Genco Shipping & Trading Ltd. is a ship owning company. It transport iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes. The company owned fleet of dry cargo vessels which consists of Capesize, Panamax, Ultramax, Supramax, Handymax and Handysize vessels. Genco Shipping & Trading Ltd. is based in New York, United States. “

Several other equities research analysts also recently commented on GNK. ValuEngine downgraded Intersect ENT from a “buy” rating to a “hold” rating in a report on Monday, July 8th. B. Riley restated a “neutral” rating on shares of New York Community Bancorp in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Genco Shipping & Trading has a consensus rating of “Hold” and an average price target of $14.70.

Shares of GNK opened at $10.01 on Wednesday. Genco Shipping & Trading has a 52-week low of $6.83 and a 52-week high of $15.96. 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 firm has a 50 day simple moving average of $8.51. The firm has a market capitalization of $416.15 million, a price-to-earnings ratio of 15.64 and a beta of 1.09.

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

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

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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