Pareto Securities Upgrades Genco Shipping & Trading (NYSE:GNK) to “Strong-Buy”

Genco Shipping & Trading (NYSE:GNK) was upgraded by stock analysts at Pareto Securities to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Several other brokerages have also recently commented on GNK. Jefferies Financial Group reduced their price target on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Genco Shipping & Trading Price Performance

Shares of GNK opened at $13.69 on Monday. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08. Genco Shipping & Trading has a twelve month low of $13.08 and a twelve month high of $23.43. The stock has a market capitalization of $585.44 million, a P/E ratio of 7.82, a P/E/G ratio of 5.64 and a beta of 0.99. The company has a 50 day moving average of $14.14 and a 200-day moving average of $15.46.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The business had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million. As a group, equities research analysts forecast that Genco Shipping & Trading will post 0.48 EPS for the current fiscal year.

Insider Activity at Genco Shipping & Trading

In related news, CFO Peter George Allen sold 8,984 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $125,416.64. Following the sale, the chief financial officer now owns 45,251 shares of the company’s stock, valued at $631,703.96. This represents a 16.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jesper Christensen sold 13,602 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $189,883.92. Following the completion of the sale, the insider now directly owns 57,322 shares in the company, valued at $800,215.12. This trade represents a 19.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,812 shares of company stock worth $402,216. Company insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its stake in shares of Genco Shipping & Trading by 54.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 17,287 shares of the shipping company’s stock worth $241,000 after buying an additional 6,097 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Genco Shipping & Trading by 36.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,852 shares of the shipping company’s stock worth $1,782,000 after acquiring an additional 33,949 shares during the last quarter. Vident Advisory LLC increased its holdings in Genco Shipping & Trading by 20.7% in the 4th quarter. Vident Advisory LLC now owns 31,904 shares of the shipping company’s stock worth $445,000 after purchasing an additional 5,476 shares in the last quarter. Squarepoint Ops LLC raised its position in Genco Shipping & Trading by 55.8% in the fourth quarter. Squarepoint Ops LLC now owns 198,673 shares of the shipping company’s stock valued at $2,770,000 after purchasing an additional 71,122 shares during the last quarter. Finally, Teza Capital Management LLC boosted its stake in shares of Genco Shipping & Trading by 792.0% during the fourth quarter. Teza Capital Management LLC now owns 110,520 shares of the shipping company’s stock valued at $1,541,000 after purchasing an additional 98,130 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

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, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.