Zacks Investment Research Upgrades Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (GNK) to “Buy”

Zacks Investment Research upgraded shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (NYSE:GNK) from a hold rating to a buy rating in a research report released on Monday morning. They currently have $17.00 target price on the shipping company’s stock.

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. “

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Other analysts have also recently issued reports about the stock. Morgan Stanley lifted their target price on shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) from $13.00 to $15.00 and gave the stock an equal weight rating in a research note on Monday, February 12th. Evercore ISI assumed coverage on shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) in a research note on Monday, November 20th. They issued an outperform rating and a $15.00 target price for the company. ValuEngine raised shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) from a sell rating to a hold rating in a research note on Friday, February 2nd. Seaport Global Securities set a $18.00 target price on shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) and gave the stock a buy rating in a research note on Wednesday, February 28th. Finally, TheStreet raised shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) from a d rating to a c- rating in a research note on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $17.43.

Shares of Genco Shipping & Trading Limited Ordinary Shares New (GNK) opened at $15.79 on Monday. The company has a quick ratio of 4.14, a current ratio of 4.14 and a debt-to-equity ratio of 0.51. Genco Shipping & Trading Limited Ordinary Shares New has a 12 month low of $8.47 and a 12 month high of $15.99.

Hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new stake in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) in the 4th quarter worth approximately $145,000. Wells Fargo & Company MN grew its stake in shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) by 2,064.0% during the 4th quarter. Wells Fargo & Company MN now owns 11,599 shares of the shipping company’s stock valued at $154,000 after buying an additional 11,063 shares during the period. Schwab Charles Investment Management Inc. purchased a new stake in shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) during the 4th quarter valued at $163,000. California State Teachers Retirement System purchased a new stake in shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) during the 2nd quarter valued at $129,000. Finally, Teachers Advisors LLC purchased a new stake in shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) during the 2nd quarter valued at $141,000. 86.72% of the stock is owned by hedge funds and other institutional investors.

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About Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands)

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, including commodities traders; producers; and government-owned entities.

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