Equities research analysts at Maxim Group began coverage on shares of Genco Shipping & Trading (NYSE:GNK) in a report released on Thursday, January 3rd, MarketBeat Ratings reports. The firm set a “buy” rating and a $22.00 price target on the shipping company’s stock. Maxim Group’s price objective would suggest a potential upside of 148.87% from the company’s current price.
The analysts wrote, “We are initiating coverage of Genco Shipping (GNK), the owner of one of the largest, most diversified fleets of dry bulk vessels.””
Several other equities analysts have also recently issued reports on GNK. B. Riley began coverage on Genco Shipping & Trading in a research report on Thursday, October 4th. They set a “buy” rating and a $22.00 price target on the stock. reissued a “reduce” rating on shares of Genco Shipping & Trading in a research note on Tuesday, October 9th. Finally, Noble Financial reissued a “buy” rating on shares of Genco Shipping & Trading in a research note on Thursday, October 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $18.50.
Shares of NYSE GNK opened at $8.84 on Thursday. Genco Shipping & Trading has a 1-year low of $7.28 and a 1-year high of $20.07. The company has a quick ratio of 1.89, a current ratio of 2.16 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $386.88 million, a PE ratio of -6.85 and a beta of 0.38.
Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, November 7th. The shipping company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Genco Shipping & Trading had a positive return on equity of 1.11% and a negative net margin of 14.73%. The company had revenue of $92.26 million for the quarter, compared to the consensus estimate of $61.91 million. On average, research analysts anticipate that Genco Shipping & Trading will post 0.57 EPS for the current fiscal year.
In other Genco Shipping & Trading news, CEO John C. Wobensmith sold 20,817 shares of Genco Shipping & Trading stock in a transaction that occurred on Wednesday, October 17th. The stock was sold at an average price of $12.24, for a total transaction of $254,800.08. Following the sale, the chief executive officer now directly owns 267,142 shares of the company’s stock, valued at $3,269,818.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.23% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in GNK. ClariVest Asset Management LLC bought a new position in Genco Shipping & Trading in the 3rd quarter worth approximately $109,000. SG Americas Securities LLC bought a new position in Genco Shipping & Trading in the 2nd quarter worth approximately $146,000. Russell Investments Group Ltd. bought a new position in Genco Shipping & Trading in the 2nd quarter worth approximately $163,000. Dynamic Technology Lab Private Ltd bought a new position in Genco Shipping & Trading in the 3rd quarter worth approximately $182,000. Finally, Prudential Financial Inc. bought a new position in Genco Shipping & Trading in the 3rd quarter worth approximately $191,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.
Genco Shipping & Trading Company Profile
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ores, coal, grains, steel products, and other dry-bulk cargoes. The company charters its vessels primarily to trading houses, such as commodities traders; producers; and government-owned entities.
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