Jefferies Financial Group Reiterates Buy Rating for Genco Shipping & Trading (NYSE:GNK)

Genco Shipping & Trading (NYSE:GNK)‘s stock had its “buy” rating reaffirmed by Jefferies Financial Group in a research report issued on Thursday,Benzinga reports. They presently have a $25.00 target price on the shipping company’s stock. Jefferies Financial Group’s target price indicates a potential upside of 43.43% from the stock’s previous close.

Several other brokerages have also issued reports on GNK. Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their target price for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Three equities research 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.com, the company has a consensus rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Price Performance

GNK traded down $0.12 during trading on Thursday, hitting $17.43. The company’s stock had a trading volume of 476,474 shares, compared to its average volume of 440,628. The company has a current ratio of 3.59, a quick ratio of 2.94 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $745.27 million, a price-to-earnings ratio of 11.11, a P/E/G ratio of 0.26 and a beta of 0.98. The business’s fifty day simple moving average is $17.32 and its 200 day simple moving average is $19.42. Genco Shipping & Trading has a twelve month low of $13.10 and a twelve month high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. The company had revenue of $99.33 million during the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.49%. The firm’s revenue was up 19.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.09) EPS. On average, equities research analysts forecast that Genco Shipping & Trading will post 1.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Genco Shipping & Trading

Institutional investors have recently bought and sold shares of the company. CWM LLC raised its stake in shares of Genco Shipping & Trading by 109.5% in the 2nd quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after acquiring an additional 998 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at approximately $82,000. nVerses Capital LLC purchased a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at approximately $136,000. Point72 DIFC Ltd purchased a new stake in shares of Genco Shipping & Trading in the 2nd quarter valued at approximately $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Genco Shipping & Trading by 80.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,980 shares of the shipping company’s stock valued at $191,000 after acquiring an additional 4,003 shares during the period. 58.62% of the stock is owned by hedge funds and other institutional investors.

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.