Genco Shipping & Trading (NYSE:GNK) Cut to Hold at Zacks Research

Genco Shipping & Trading (NYSE:GNK) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

A number of other brokerages have also recently weighed in on GNK. Alliance Global Partners cut shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a research report on Thursday, February 19th. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Friday. Finally, Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Genco Shipping & Trading has an average rating of “Moderate Buy” and an average price target of $21.00.

Genco Shipping & Trading Stock Performance

Shares of NYSE:GNK opened at $22.52 on Monday. The business has a 50-day moving average of $21.97 and a two-hundred day moving average of $19.36. The firm has a market capitalization of $975.70 million, a PE ratio of -204.74, a P/E/G ratio of 5.07 and a beta of 1.14. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.39 and a quick ratio of 1.84. Genco Shipping & Trading has a 12 month low of $11.20 and a 12 month high of $24.81.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Tuesday, February 17th. The shipping company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.04. The business had revenue of $109.92 million for the quarter, compared to analyst estimates of $78.52 million. Genco Shipping & Trading had a negative return on equity of 0.12% and a negative net margin of 1.28%.The company’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.29 EPS. As a group, research analysts forecast that Genco Shipping & Trading will post 0.48 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Joseph Adamo sold 6,340 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $23.67, for a total transaction of $150,067.80. Following the transaction, the chief accounting officer directly owned 38,519 shares of the company’s stock, valued at approximately $911,744.73. The trade was a 14.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jesper Christensen sold 18,450 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $23.66, for a total transaction of $436,527.00. Following the completion of the transaction, the insider owned 98,299 shares of the company’s stock, valued at $2,325,754.34. This trade represents a 15.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 55,824 shares of company stock worth $1,313,949 in the last 90 days. 2.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in Genco Shipping & Trading by 2.3% in the 3rd quarter. Bank of America Corp DE now owns 34,970 shares of the shipping company’s stock worth $622,000 after buying an additional 779 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Genco Shipping & Trading by 82.2% during the second quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 876 shares in the last quarter. Invesco Ltd. increased its position in shares of Genco Shipping & Trading by 0.8% during the fourth quarter. Invesco Ltd. now owns 125,535 shares of the shipping company’s stock worth $2,314,000 after acquiring an additional 935 shares during the last quarter. CWM LLC increased its position in shares of Genco Shipping & Trading by 61.4% during the third quarter. CWM LLC now owns 2,843 shares of the shipping company’s stock worth $51,000 after acquiring an additional 1,082 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Genco Shipping & Trading by 11.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 12,695 shares of the shipping company’s stock worth $219,000 after acquiring an additional 1,262 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

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.