HONG KONG: Zacks upgraded shares of Genco Shipping & Trading from a sell rating to a hold rating in a research note released, Marketbeat.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. “
The company had a trading volume of 519,788 shares. The company has a market capitalization of $180.29 million and a price-to-earnings ratio of 0.28. Genco Shipping & Trading has a 12-month low of $2.79 and a 12-month high of $7.85. The firm has a 50-day moving average of $4.20 and a 200 day moving average of $5.39.
Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Tuesday, August 4th. The company reported ($0.67) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.02. The business earned $34.60 million during the quarter, compared to analyst estimates of $81.69 million. On average, equities research analysts forecast that Genco Shipping & Trading will post ($1.80) earnings per share for the current year.
In other news, insider John C. Wobensmith sold 17,190 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $7.00, for a total transaction of $120,330.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Separately, GMP Securities initiated coverage on Genco Shipping & Trading in a research report on Thursday, August 13th. They set a buy rating and a $10.00 price objective for the company.
