Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (GNK) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (NYSE:GNK) from a hold rating to a sell rating in a report released on Wednesday morning.

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. “

Other equities analysts have also recently issued research reports about the company. Jefferies Group initiated coverage on Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) in a report on Monday, December 18th. They set a buy rating and a $20.00 price target for the company. Evercore ISI initiated coverage on Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) in a report on Monday, November 20th. They set an outperform rating and a $15.00 price target for the company. Finally, ValuEngine cut Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) from a hold rating to a sell rating in a report on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $15.17.

Genco Shipping & Trading Limited Ordinary Shares New (NYSE GNK) opened at $13.87 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 5.23 and a current ratio of 5.23. Genco Shipping & Trading Limited Ordinary Shares New has a fifty-two week low of $7.49 and a fifty-two week high of $14.99.

In other news, major shareholder Cayman Gp Ltd. Ccp II sold 320,462 shares of the business’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $13.11, for a total transaction of $4,201,256.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.30% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of GNK. Citigroup Inc. grew its position in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) by 0.4% during the 2nd quarter. Citigroup Inc. now owns 13,652 shares of the shipping company’s stock worth $129,000 after acquiring an additional 51 shares during the last quarter. California State Teachers Retirement System bought a new stake in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) during the 2nd quarter worth $129,000. Teachers Advisors LLC bought a new stake in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) during the 2nd quarter worth $141,000. Cubist Systematic Strategies LLC grew its position in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) by 9.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 16,692 shares of the shipping company’s stock worth $158,000 after acquiring an additional 1,457 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. bought a new stake in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) during the 2nd quarter worth $194,000. Institutional investors and hedge funds own 57.28% of the company’s stock.

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About Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands)

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 ores, coal, grains, steel products, and other dry-bulk cargoes. The company charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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