Genco Shipping & Trading (NYSE:GNK) Stock Rating Lowered by StockNews.com

Genco Shipping & Trading (NYSE:GNK) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.

Other equities analysts have also issued research reports about the stock. BTIG Research reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research report on Friday, January 5th. TheStreet upgraded shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Hold” and an average target price of $20.67.

Genco Shipping & Trading Stock Down 0.6 %

Genco Shipping & Trading stock opened at $20.26 on Thursday. The company has a 50-day simple moving average of $19.83 and a 200-day simple moving average of $16.87. The firm has a market capitalization of $865.71 million, a P/E ratio of -65.35 and a beta of 1.18. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.70 and a current ratio of 4.46. Genco Shipping & Trading has a one year low of $12.39 and a one year high of $21.24.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, February 21st. The shipping company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.37 by $0.06. The business had revenue of $115.50 million during the quarter, compared to analyst estimates of $72.54 million. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The company’s quarterly revenue was down 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 earnings per share. As a group, equities analysts expect that Genco Shipping & Trading will post 1.9 earnings per share for the current year.

Insider Transactions at Genco Shipping & Trading

In other news, CFO Peter George Allen sold 7,036 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $139,312.80. Following the completion of the sale, the chief financial officer now directly owns 35,518 shares of the company’s stock, valued at $703,256.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Joseph Adamo sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.87, for a total transaction of $119,220.00. Following the transaction, the chief accounting officer now owns 17,202 shares of the company’s stock, valued at $341,803.74. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Peter George Allen sold 7,036 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $139,312.80. Following the transaction, the chief financial officer now directly owns 35,518 shares in the company, valued at approximately $703,256.40. The disclosure for this sale can be found here. Insiders sold 62,496 shares of company stock valued at $1,238,678 over the last three months. 2.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GNK. Cowen AND Company LLC acquired a new position in Genco Shipping & Trading during the third quarter valued at approximately $11,733,000. First Trust Advisors LP acquired a new position in Genco Shipping & Trading during the first quarter valued at approximately $10,469,000. Arrowstreet Capital Limited Partnership acquired a new position in Genco Shipping & Trading during the first quarter valued at approximately $6,915,000. Townsend & Associates Inc grew its holdings in Genco Shipping & Trading by 3,696.3% during the fourth quarter. Townsend & Associates Inc now owns 429,819 shares of the shipping company’s stock valued at $7,926,000 after purchasing an additional 418,497 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its stake in shares of Genco Shipping & Trading by 603.1% in the first quarter. Balyasny Asset Management L.P. now owns 423,084 shares of the shipping company’s stock worth $6,625,000 after acquiring an additional 362,914 shares during the last quarter. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

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.