B. Riley Boosts Genco Shipping & Trading (NYSE:GNK) Price Target to $30.00

Genco Shipping & Trading (NYSE:GNK) had its target price raised by analysts at B. Riley from $27.00 to $30.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the shipping company’s stock. B. Riley’s price target points to a potential upside of 31.18% from the stock’s current price. B. Riley also issued estimates for Genco Shipping & Trading’s Q3 2024 earnings at $0.20 EPS, Q4 2024 earnings at $0.56 EPS and FY2025 earnings at $1.84 EPS.

Several other research analysts also recently commented on GNK. Jefferies Financial Group lifted their target price on Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday. TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Thursday, February 22nd. StockNews.com downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Finally, Stifel Nicolaus boosted their price objective on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, April 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $25.00.

Genco Shipping & Trading Price Performance

GNK stock traded up $0.16 during midday trading on Friday, reaching $22.87. 156,696 shares of the stock were exchanged, compared to its average volume of 710,969. The stock has a market capitalization of $977.74 million, a PE ratio of -73.77 and a beta of 1.11. Genco Shipping & Trading has a 52 week low of $12.39 and a 52 week high of $23.43. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. The company has a fifty day moving average price of $20.78 and a 200 day moving average price of $17.66.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $117.44 million for the quarter, compared to analyst estimates of $77.31 million. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. Genco Shipping & Trading’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.06 EPS. As a group, analysts expect that Genco Shipping & Trading will post 1.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total transaction of $28,478.40. Following the completion of the sale, the chief accounting officer now directly owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Genco Shipping & Trading news, CFO Peter George Allen sold 7,036 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $139,312.80. Following the completion of the transaction, the chief financial officer now directly owns 35,518 shares of the company’s stock, valued at $703,256.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Joseph Adamo sold 1,396 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total value of $28,478.40. Following the transaction, the chief accounting officer now directly owns 17,994 shares of the company’s stock, valued at $367,077.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,496 shares of company stock valued at $1,238,678. Corporate insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Genco Shipping & Trading by 6,233.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock valued at $24,395,000 after buying an additional 1,181,000 shares during the period. Cowen AND Company LLC bought a new stake in Genco Shipping & Trading during the third quarter valued at $11,733,000. Townsend & Associates Inc boosted its stake in Genco Shipping & Trading by 64.6% during the fourth quarter. Townsend & Associates Inc now owns 1,004,426 shares of the shipping company’s stock valued at $17,728,000 after buying an additional 394,234 shares during the period. Pekin Hardy Strauss Inc. lifted its stake in Genco Shipping & Trading by 728.7% during the third quarter. Pekin Hardy Strauss Inc. now owns 398,391 shares of the shipping company’s stock worth $5,573,000 after purchasing an additional 350,316 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Genco Shipping & Trading by 78.4% during the third quarter. AQR Capital Management LLC now owns 612,440 shares of the shipping company’s stock worth $8,568,000 after purchasing an additional 269,138 shares during the last quarter. 58.62% of the stock is 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.