Zacks Investment Research Lowers Genco Shipping & Trading (NYSE:GNK) to Sell

Zacks Investment Research lowered shares of Genco Shipping & Trading (NYSE:GNK) from a hold rating to a sell rating in a research report released on Wednesday, Zacks.com reports.

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. “

GNK has been the topic of a number of other research reports. B. Riley reissued a neutral rating on shares of New York Community Bancorp in a report on Wednesday, April 10th. ValuEngine cut shares of Intersect ENT from a buy rating to a hold rating in a report on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $14.70.

GNK stock opened at $10.91 on Wednesday. The company has a current ratio of 2.48, a quick ratio of 2.18 and a debt-to-equity ratio of 0.44. Genco Shipping & Trading has a twelve month low of $6.83 and a twelve month high of $15.96. The business’s 50 day moving average is $8.14. The firm has a market capitalization of $446.98 million, a PE ratio of 27.51 and a beta of 1.09.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, May 8th. The shipping company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). Genco Shipping & Trading had a return on equity of 1.51% and a net margin of 3.92%. The company had revenue of $50.44 million for the quarter, compared to analyst estimates of $52.90 million. On average, equities analysts predict that Genco Shipping & Trading will post -0.2 EPS for the current year.

Institutional investors have recently made changes to their positions in the company. Rhumbline Advisers acquired a new position in shares of Genco Shipping & Trading in the 4th quarter valued at $102,000. Alambic Investment Management L.P. acquired a new position in shares of Genco Shipping & Trading in the 1st quarter valued at $119,000. Mraz Amerine & Associates Inc. acquired a new position in shares of Genco Shipping & Trading in the 1st quarter valued at $188,000. Bank of New York Mellon Corp increased its holdings in shares of Genco Shipping & Trading by 24.4% in the 4th quarter. Bank of New York Mellon Corp now owns 46,455 shares of the shipping company’s stock valued at $367,000 after acquiring an additional 9,112 shares during the period. Finally, Weiss Multi Strategy Advisers LLC acquired a new position in shares of Genco Shipping & Trading in the 4th quarter valued at $560,000. 83.26% 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 dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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