Genco Shipping & Trading (NYSE:GNK) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research cut shares of Genco Shipping & Trading (NYSE:GNK) from a hold rating to a sell rating in a research report released on Wednesday, Zacks.com reports.

According to Zacks, “Genco Shipping & Trading Ltd. is a ship owning company. It transport iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes. The company owned fleet of dry cargo vessels which consists of Capesize, Panamax, Ultramax, Supramax, Handymax and Handysize vessels. Genco Shipping & Trading Ltd. is based in New York, United States. “

A number of other analysts have also commented on the stock. ValuEngine lowered shares of Intersect ENT from a buy rating to a hold rating in a research report on Monday, July 8th. B. Riley reaffirmed a neutral rating on shares of New York Community Bancorp in a research report on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $14.70.

Shares of Genco Shipping & Trading stock opened at $10.91 on Wednesday. The firm has a market cap of $446.98 million, a price-to-earnings ratio of 17.05 and a beta of 1.09. The company has a 50 day moving average price of $8.14. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.18 and a current ratio of 2.48. Genco Shipping & Trading has a 52-week low of $6.83 and a 52-week high of $15.96.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, May 8th. The shipping company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). The firm had revenue of $50.44 million for the quarter, compared to analyst estimates of $52.90 million. Genco Shipping & Trading had a return on equity of 1.51% and a net margin of 3.92%. As a group, analysts anticipate that Genco Shipping & Trading will post -0.2 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in GNK. Rhumbline Advisers bought a new position in Genco Shipping & Trading in the fourth quarter valued at approximately $102,000. Alambic Investment Management L.P. acquired a new position in shares of Genco Shipping & Trading during the 1st quarter worth approximately $119,000. Mraz Amerine & Associates Inc. acquired a new position in shares of Genco Shipping & Trading during the 1st quarter worth approximately $188,000. Bank of New York Mellon Corp raised its stake in shares of Genco Shipping & Trading by 24.4% during the 4th quarter. Bank of New York Mellon Corp now owns 46,455 shares of the shipping company’s stock worth $367,000 after purchasing an additional 9,112 shares in the last quarter. Finally, Weiss Multi Strategy Advisers LLC bought a new stake in shares of Genco Shipping & Trading during the 4th quarter worth approximately $560,000. 83.26% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

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 ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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