Genco Shipping & Trading (NYSE:GNK) Rating Lowered to “Sell” at Wall Street Zen

Genco Shipping & Trading (NYSE:GNK) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Sunday.

Several other research firms have also weighed in on GNK. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 8th. SEB Equity Research set a $23.00 price target on Genco Shipping & Trading in a research note on Friday, September 26th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $21.00.

Genco Shipping & Trading Price Performance

NYSE:GNK opened at $18.22 on Friday. The company has a 50-day moving average of $17.38 and a 200-day moving average of $16.31. The company has a market capitalization of $787.62 million, a price-to-earnings ratio of -107.15 and a beta of 1.17. Genco Shipping & Trading has a 52 week low of $11.20 and a 52 week high of $19.60. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.98 and a current ratio of 2.36.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, November 5th. The shipping company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). Genco Shipping & Trading had a negative net margin of 2.14% and a negative return on equity of 0.62%. The business had revenue of $79.92 million for the quarter, compared to analysts’ expectations of $65.06 million. During the same quarter in the previous year, the firm posted $0.41 earnings per share. The firm’s revenue for the quarter was down 19.5% on a year-over-year basis. As a group, equities research analysts anticipate that Genco Shipping & Trading will post 0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers bought a new position in shares of Genco Shipping & Trading in the first quarter worth about $231,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Genco Shipping & Trading by 0.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 478,411 shares of the shipping company’s stock valued at $6,392,000 after purchasing an additional 3,764 shares in the last quarter. Invesco Ltd. lifted its holdings in Genco Shipping & Trading by 1.5% during the 1st quarter. Invesco Ltd. now owns 129,232 shares of the shipping company’s stock worth $1,727,000 after buying an additional 1,906 shares in the last quarter. Nuveen LLC acquired a new position in Genco Shipping & Trading during the 1st quarter worth $1,282,000. Finally, American Century Companies Inc. boosted its position in Genco Shipping & Trading by 7.4% in the 1st quarter. American Century Companies Inc. now owns 1,462,880 shares of the shipping company’s stock valued at $19,544,000 after buying an additional 101,283 shares during the last quarter. Institutional investors and hedge funds own 58.62% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.