Genco Shipping & Trading (NYSE:GNK) Lowered to Hold at Zacks Investment Research

Genco Shipping & Trading (NYSE:GNK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday, 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. “

Several other equities analysts also recently commented on the company. Noble Financial set a $18.00 price objective on Genco Shipping & Trading and gave the company a “buy” rating in a research note on Friday. ValuEngine downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $14.90.

Genco Shipping & Trading stock traded down $0.13 during trading on Monday, hitting $8.00. The stock had a trading volume of 117,426 shares, compared to its average volume of 239,762. Genco Shipping & Trading has a 1 year low of $6.83 and a 1 year high of $15.06. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.18 and a current ratio of 2.48. The company’s 50 day moving average price is $9.44. The firm has a market cap of $352.42 million, a PE ratio of 12.50 and a beta of 1.06.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, August 7th. The shipping company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.08). Genco Shipping & Trading had a negative net margin of 4.79% and a negative return on equity of 0.79%. The firm had revenue of $41.75 million during the quarter, compared to analysts’ expectations of $39.92 million. On average, sell-side analysts predict that Genco Shipping & Trading will post -0.1 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its stake in shares of Genco Shipping & Trading by 59.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,830 shares of the shipping company’s stock worth $294,000 after buying an additional 13,002 shares in the last quarter. Prudential Financial Inc. lifted its stake in shares of Genco Shipping & Trading by 72.6% in the second quarter. Prudential Financial Inc. now owns 78,445 shares of the shipping company’s stock worth $662,000 after buying an additional 33,000 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Genco Shipping & Trading in the second quarter worth about $28,000. Wells Fargo & Company MN lifted its stake in shares of Genco Shipping & Trading by 121.4% in the second quarter. Wells Fargo & Company MN now owns 52,245 shares of the shipping company’s stock worth $441,000 after buying an additional 28,643 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new position in shares of Genco Shipping & Trading in the second quarter worth about $452,000. 83.26% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

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.

Featured Story: LIBOR

Get a free copy of the Zacks research report on Genco Shipping & Trading (GNK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Genco Shipping & Trading Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Genco Shipping & Trading and related companies with MarketBeat.com's FREE daily email newsletter.