Genco Shipping & Trading (NYSE:GNK) PT Raised to $27.00

Genco Shipping & Trading (NYSE:GNK) had its price target boosted by equities researchers at Alliance Global Partners from $25.00 to $27.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the shipping company’s stock. Alliance Global Partners’ target price indicates a potential upside of 23.51% from the company’s previous close.

A number of other research firms have also recently weighed in on GNK. Jefferies Financial Group raised their price target on Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Stifel Nicolaus upped their price target on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, April 19th. B. Riley raised their price objective on shares of Genco Shipping & Trading from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, StockNews.com upgraded shares of Genco Shipping & Trading from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Genco Shipping & Trading has a consensus rating of “Moderate Buy” and an average target price of $25.40.

Genco Shipping & Trading Price Performance

GNK opened at $21.86 on Monday. The firm has a market cap of $934.73 million, a price-to-earnings ratio of 364.33 and a beta of 0.96. The company has a current ratio of 3.72, a quick ratio of 2.94 and a debt-to-equity ratio of 0.18. The stock’s 50-day moving average price is $21.84 and its 200 day moving average price is $19.74. Genco Shipping & Trading has a 12-month low of $12.65 and a 12-month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Genco Shipping & Trading had a net margin of 0.81% and a return on equity of 5.15%. The business had revenue of $117.44 million during the quarter, compared to analyst estimates of $77.31 million. During the same quarter last year, the firm posted $0.06 earnings per share. The business’s revenue for the quarter was up 24.4% compared to the same quarter last year. As a group, sell-side analysts expect that Genco Shipping & Trading will post 2.34 earnings per share for the current year.

Insider Activity at Genco Shipping & Trading

In related news, Director Arthur L. Regan sold 1,400 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $22.86, for a total transaction of $32,004.00. Following the transaction, the director now owns 104,414 shares of the company’s stock, valued at $2,386,904.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC boosted its stake in shares of Genco Shipping & Trading by 18.4% in the first quarter. Tidal Investments LLC now owns 19,743 shares of the shipping company’s stock valued at $401,000 after buying an additional 3,068 shares in the last quarter. Paloma Partners Management Co purchased a new stake in shares of Genco Shipping & Trading during the 1st quarter worth $400,000. Price T Rowe Associates Inc. MD grew its stake in shares of Genco Shipping & Trading by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,058 shares of the shipping company’s stock worth $246,000 after purchasing an additional 1,782 shares during the period. Elevatus Welath Management purchased a new position in shares of Genco Shipping & Trading in the 1st quarter valued at about $5,850,000. Finally, Vanguard Group Inc. lifted its stake in shares of Genco Shipping & Trading by 4.3% in the first quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock valued at $23,326,000 after purchasing an additional 47,060 shares during the period. Institutional investors and hedge funds own 58.62% of the company’s stock.

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.