Stifel Nicolaus Lowers Genco Shipping & Trading (NYSE:GNK) to Hold

Genco Shipping & Trading (NYSE:GNK) was downgraded by Stifel Nicolaus from a “buy” rating to a “hold” rating in a report released on Wednesday, MarketBeat.com reports. They presently have a $17.00 price target on the shipping company’s stock, down from their prior price target of $26.00. Stifel Nicolaus’ target price indicates a potential upside of 8.63% from the company’s previous close.

Several other analysts have also recently weighed in on GNK. Deutsche Bank Aktiengesellschaft started coverage on shares of Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective on the stock. Alliance Global Partners upped their target price on shares of Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.60.

Genco Shipping & Trading Price Performance

Shares of GNK stock opened at $15.65 on Wednesday. The stock’s fifty day simple moving average is $17.56 and its 200 day simple moving average is $19.75. Genco Shipping & Trading has a one year low of $12.65 and a one year high of $23.43. The firm has a market cap of $669.16 million, a price-to-earnings ratio of 260.83, a P/E/G ratio of 0.25 and a beta of 0.95. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, August 7th. The shipping company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.42 by $0.04. The company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $74.86 million. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.27 EPS. On average, analysts expect that Genco Shipping & Trading will post 2.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GNK. Foundry Partners LLC acquired a new position in Genco Shipping & Trading in the first quarter valued at about $3,812,000. Vanguard Group Inc. boosted its stake in Genco Shipping & Trading by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 1,147,377 shares of the shipping company’s stock worth $23,326,000 after acquiring an additional 47,060 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Genco Shipping & Trading by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after purchasing an additional 33,150 shares during the period. BNP Paribas Financial Markets grew its holdings in Genco Shipping & Trading by 965.0% during the first quarter. BNP Paribas Financial Markets now owns 106,003 shares of the shipping company’s stock valued at $2,155,000 after purchasing an additional 96,050 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Genco Shipping & Trading by 6,233.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock valued at $24,395,000 after purchasing an additional 1,181,000 shares in the last quarter. 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.