Jefferies Financial Group Boosts Genco Shipping & Trading (NYSE:GNK) Price Target to $27.00

Genco Shipping & Trading (NYSE:GNK) had its price objective boosted by Jefferies Financial Group from $26.00 to $27.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price objective indicates a potential upside of 19.21% from the stock’s previous close.

A number of other equities analysts have also commented on GNK. StockNews.com lowered Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. Finally, Stifel Nicolaus increased their price objective on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $23.33.

Genco Shipping & Trading Trading Up 0.9 %

Shares of NYSE GNK opened at $22.65 on Thursday. The firm has a market capitalization of $968.33 million, a PE ratio of -73.06 and a beta of 1.11. Genco Shipping & Trading has a one year low of $12.39 and a one year high of $22.67. The company has a current ratio of 4.46, a quick ratio of 3.70 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $20.74 and a two-hundred day moving average price of $17.62.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $117.44 million for the quarter, compared to the consensus estimate of $77.31 million. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. Genco Shipping & Trading’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.06 earnings per share. As a group, analysts predict that Genco Shipping & Trading will post 1.93 earnings per share for the current fiscal year.

Insider Activity at Genco Shipping & Trading

In related news, insider Jesper Christensen sold 12,404 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $245,599.20. Following the transaction, the insider now directly owns 42,587 shares of the company’s stock, valued at approximately $843,222.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Joseph Adamo sold 6,000 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $19.87, for a total value of $119,220.00. Following the completion of the sale, the chief accounting officer now directly owns 17,202 shares in the company, valued at approximately $341,803.74. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jesper Christensen sold 12,404 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $245,599.20. Following the transaction, the insider now directly owns 42,587 shares in the company, valued at $843,222.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,496 shares of company stock worth $1,238,678. Insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC boosted its holdings in Genco Shipping & Trading by 696.5% during the fourth quarter. SG Americas Securities LLC now owns 78,118 shares of the shipping company’s stock worth $1,296,000 after purchasing an additional 68,310 shares during the last quarter. Key Colony Management LLC bought a new position in Genco Shipping & Trading in the 4th quarter valued at $1,510,000. Moors & Cabot Inc. boosted its holdings in shares of Genco Shipping & Trading by 76.0% in the 3rd quarter. Moors & Cabot Inc. now owns 47,469 shares of the shipping company’s stock worth $664,000 after buying an additional 20,500 shares during the last quarter. MQS Management LLC bought a new position in Genco Shipping & Trading during the third quarter valued at about $361,000. Finally, Swiss National Bank increased its holdings in Genco Shipping & Trading by 1.1% during the third quarter. Swiss National Bank now owns 93,400 shares of the shipping company’s stock worth $1,307,000 after buying an additional 1,000 shares during 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 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.