Genco Shipping & Trading (NYSE:GNK) Stock Rating Lowered by Stifel Nicolaus

Genco Shipping & Trading (NYSE:GNK - Get Free Report) was downgraded by equities researchers at Stifel Nicolaus from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. They currently have a $17.00 price objective on the shipping company's stock, down from their previous price objective of $26.00. Stifel Nicolaus' price target would suggest a potential upside of 7.56% from the company's previous close.

Several other brokerages also recently commented on GNK. Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a "buy" rating and a $22.00 target price on the stock. Alliance Global Partners increased their target price on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Monday, July 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $24.60.

Genco Shipping & Trading Stock Down 3.4 %

GNK stock traded down $0.55 on Wednesday, reaching $15.81. 700,950 shares of the company traded hands, compared to its average volume of 592,505. Genco Shipping & Trading has a one year low of $12.65 and a one year high of $23.43. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94. The company has a market cap of $675.79 million, a P/E ratio of 263.42, a price-to-earnings-growth ratio of 0.25 and a beta of 0.95. The firm has a fifty day simple moving average of $17.60 and a 200-day simple moving average of $19.78.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.04. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The company had revenue of $107.00 million during the quarter, compared to analyst estimates of $74.86 million. During the same quarter last year, the company earned $0.27 EPS. The firm's revenue for the quarter was up 18.1% on a year-over-year basis. Research analysts anticipate that Genco Shipping & Trading will post 2.1 earnings per share for the current year.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors and hedge funds have recently modified their holdings of the company. Moors & Cabot Inc. boosted its stake in shares of Genco Shipping & Trading by 2.0% in the 2nd quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company's stock worth $669,000 after buying an additional 628 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in Genco Shipping & Trading by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company's stock valued at $1,158,000 after purchasing an additional 682 shares in the last quarter. CWM LLC lifted its position in Genco Shipping & Trading by 109.5% during the second quarter. CWM LLC now owns 1,909 shares of the shipping company's stock valued at $41,000 after purchasing an additional 998 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Genco Shipping & Trading by 12.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company's stock valued at $244,000 after purchasing an additional 1,279 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Genco Shipping & Trading by 7.6% during the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company's stock valued at $390,000 after purchasing an additional 1,300 shares in the last quarter. 58.62% of the stock is currently owned by hedge funds and other institutional investors.

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.