Genco Shipping & Trading (NYSE:GNK) Upgraded to Buy at StockNews.com
Genco Shipping & Trading (NYSE:GNK – Get Rating) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Wednesday.
Several other equities analysts have also recently commented on GNK. B. Riley boosted their target price on shares of Genco Shipping & Trading from $27.00 to $31.00 in a research report on Friday, May 6th. Jefferies Financial Group started coverage on shares of Genco Shipping & Trading in a research report on Wednesday, April 27th. They issued a “buy” rating for the company. Four analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $28.25.
Shares of NYSE:GNK opened at $21.13 on Wednesday. The firm has a 50 day moving average of $23.24 and a 200-day moving average of $19.68. The stock has a market capitalization of $889.62 million, a PE ratio of 4.07 and a beta of 0.84. The company has a current ratio of 2.78, a quick ratio of 2.16 and a debt-to-equity ratio of 0.20. Genco Shipping & Trading has a 12 month low of $13.21 and a 12 month high of $27.15.
In other Genco Shipping & Trading news, CEO John C. Wobensmith sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $25.14, for a total value of $2,514,000.00. Following the completion of the transaction, the chief executive officer now directly owns 399,099 shares in the company, valued at approximately $10,033,348.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Robert E. Hughes sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $24.79, for a total transaction of $86,765.00. Following the completion of the transaction, the insider now owns 742 shares of the company’s stock, valued at $18,394.18. The disclosure for this sale can be found here. In the last three months, insiders sold 148,500 shares of company stock valued at $3,732,515. 2.50% of the stock is owned by insiders.
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Several institutional investors and hedge funds have recently bought and sold shares of GNK. Ensign Peak Advisors Inc acquired a new stake in shares of Genco Shipping & Trading during the fourth quarter worth $25,000. Acadian Asset Management LLC acquired a new stake in shares of Genco Shipping & Trading during the first quarter worth $26,000. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Genco Shipping & Trading during the first quarter worth $28,000. Penserra Capital Management LLC acquired a new stake in shares of Genco Shipping & Trading during the first quarter worth $47,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Genco Shipping & Trading during the first quarter worth $54,000. Institutional investors own 75.90% of the company’s stock.
About Genco Shipping & Trading (Get Rating)
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to 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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