ValuEngine cut shares of Genco Shipping & Trading (NYSE:GNK) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday.

GNK has been the topic of several other research reports. Morgan Stanley dropped their target price on shares of Genco Shipping & Trading from $15.00 to $14.50 and set an equal weight rating on the stock in a report on Tuesday, April 17th. Zacks Investment Research cut shares of Genco Shipping & Trading from a hold rating to a sell rating in a report on Wednesday, May 2nd. Noble Financial restated a buy rating and issued a $23.00 target price on shares of Genco Shipping & Trading in a report on Friday, August 10th. Finally, Deutsche Bank started coverage on shares of Genco Shipping & Trading in a report on Monday, April 16th. They issued a buy rating and a $19.00 target price on the stock. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $18.36.

Shares of GNK stock opened at $13.05 on Tuesday. Genco Shipping & Trading has a 12-month low of $9.75 and a 12-month high of $20.07. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.85 and a current ratio of 4.14. The company has a market capitalization of $560.47 million, a P/E ratio of -10.00 and a beta of -0.23.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, August 8th. The shipping company reported $0.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.04. Genco Shipping & Trading had a negative net margin of 29.58% and a negative return on equity of 0.59%. The company had revenue of $86.16 million for the quarter, compared to analysts’ expectations of $59.97 million. equities analysts predict that Genco Shipping & Trading will post 0.94 EPS for the current year.

A number of hedge funds have recently modified their holdings of the stock. Evermore Global Advisors LLC purchased a new position in shares of Genco Shipping & Trading during the 2nd quarter worth $28,182,000. Millennium Management LLC boosted its stake in shares of Genco Shipping & Trading by 391.0% during the 2nd quarter. Millennium Management LLC now owns 826,870 shares of the shipping company’s stock worth $12,816,000 after acquiring an additional 658,468 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Genco Shipping & Trading by 119.1% during the 2nd quarter. Renaissance Technologies LLC now owns 612,530 shares of the shipping company’s stock worth $9,494,000 after acquiring an additional 333,000 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Genco Shipping & Trading by 95.2% during the 2nd quarter. BlackRock Inc. now owns 682,079 shares of the shipping company’s stock worth $10,572,000 after acquiring an additional 332,725 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Genco Shipping & Trading by 216.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 455,281 shares of the shipping company’s stock worth $7,057,000 after acquiring an additional 311,378 shares during the last quarter. Institutional investors own 72.04% of the company’s stock.

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 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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Analyst Recommendations for Genco Shipping & Trading (NYSE:GNK)

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