Genco Shipping & Trading (NYSE:GNK) Rating Lowered to Sell at StockNews.com

Genco Shipping & Trading (NYSE:GNK) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

GNK has been the topic of a number of other reports. TheStreet upgraded Genco Shipping & Trading from a “c” rating to a “b-” rating in a research note on Thursday, February 22nd. BTIG Research reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Genco Shipping & Trading presently has a consensus rating of “Hold” and a consensus target price of $21.00.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $20.55 on Thursday. 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 stock’s fifty day simple moving average is $19.88 and its two-hundred day simple moving average is $16.89. Genco Shipping & Trading has a 1-year low of $12.39 and a 1-year high of $21.24. The stock has a market cap of $878.55 million, a PE ratio of -66.29 and a beta of 1.18.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, February 21st. The shipping company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. The company had revenue of $115.50 million for the quarter, compared to analysts’ expectations of $72.54 million. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The business’s revenue for the quarter was down 9.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.67 EPS. As a group, analysts forecast that Genco Shipping & Trading will post 1.9 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $20.40, for a total value of $28,478.40. Following the completion of the sale, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Genco Shipping & Trading news, CEO John C. Wobensmith sold 35,660 shares of Genco Shipping & Trading stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $706,068.00. Following the completion of the transaction, the chief executive officer now owns 466,684 shares of the company’s stock, valued at approximately $9,240,343.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $20.40, for a total value of $28,478.40. Following the transaction, the chief accounting officer now directly owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,496 shares of company stock valued at $1,238,678. 2.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC purchased a new position in Genco Shipping & Trading during the 1st quarter valued at about $26,000. Penserra Capital Management LLC bought a new stake in shares of Genco Shipping & Trading during the 1st quarter valued at about $47,000. Gladius Capital Management LP bought a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at about $37,000. PNC Financial Services Group Inc. boosted its position in shares of Genco Shipping & Trading by 1,632.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company’s stock valued at $32,000 after acquiring an additional 2,139 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its position in shares of Genco Shipping & Trading by 53.2% during the 3rd quarter. Ensign Peak Advisors Inc now owns 2,420 shares of the shipping company’s stock valued at $30,000 after acquiring an additional 840 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

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.