Genco Shipping (GNK) Receives a Buy from Cleaves Securities

Cleaves Securities analyst Joakim Hannisdahl maintained a Buy rating on Genco Shipping (GNKResearch Report) on July 23 and set a price target of $29.00. The company’s shares closed last Tuesday at $17.57.

According to, Hannisdahl is a 5-star analyst with an average return of 21.1% and a 59.6% success rate. Hannisdahl covers the Industrial Goods sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Eagle Bulk Shipping.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Genco Shipping with a $25.60 average price target, a 43.6% upside from current levels. In a report issued on July 26, Noble Financial also maintained a Buy rating on the stock with a $28.00 price target.

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Genco Shipping’s market cap is currently $736.4M and has a P/E ratio of -7.20. The company has a Price to Book ratio of 1.00.

Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GNK in relation to earlier this year.

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Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products and other drybulk cargoes. It operates through the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels segment. The company was founded on September 27, 2004 and is headquartered in New York, NY.