Genco Shipping & Trading (NYSE:GNK) Hits New 1-Year High – What’s Next?

Genco Shipping & Trading Limited (NYSE:GNK)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $21.35 and last traded at $21.3160, with a volume of 362530 shares changing hands. The stock had previously closed at $20.90.

Wall Street Analysts Forecast Growth

GNK has been the subject of a number of research analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $21.00.

Genco Shipping & Trading Price Performance

The firm has a market capitalization of $921.70 million, a P/E ratio of -125.39, a price-to-earnings-growth ratio of 5.64 and a beta of 1.21. The company has a current ratio of 2.36, a quick ratio of 1.98 and a debt-to-equity ratio of 0.18. The firm has a 50 day moving average price of $19.08 and a 200-day moving average price of $17.72.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 5th. The shipping company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $79.92 million for the quarter, compared to analyst estimates of $65.06 million. Genco Shipping & Trading had a negative return on equity of 0.62% and a negative net margin of 2.14%.Genco Shipping & Trading’s quarterly revenue was down 19.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 EPS. On average, analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current year.

Hedge Funds Weigh In On Genco Shipping & Trading

Hedge funds have recently added to or reduced their stakes in the company. Strs Ohio raised its position in Genco Shipping & Trading by 31.2% in the 4th quarter. Strs Ohio now owns 30,300 shares of the shipping company’s stock worth $558,000 after purchasing an additional 7,200 shares during the period. IMC Chicago LLC bought a new stake in shares of Genco Shipping & Trading during the 4th quarter worth approximately $201,000. UBS Group AG boosted its holdings in Genco Shipping & Trading by 33.3% during the 4th quarter. UBS Group AG now owns 153,263 shares of the shipping company’s stock valued at $2,825,000 after acquiring an additional 38,310 shares during the period. Townsend & Associates Inc boosted its holdings in Genco Shipping & Trading by 0.7% during the 4th quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock valued at $25,373,000 after acquiring an additional 8,488 shares during the period. Finally, State of Alaska Department of Revenue grew its position in Genco Shipping & Trading by 411.4% in the 4th quarter. State of Alaska Department of Revenue now owns 11,752 shares of the shipping company’s stock valued at $216,000 after acquiring an additional 9,454 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.