Genco Shipping (GNK) Receives a Rating Update from a Top Analyst

Noble Financial analyst Poe Fratt maintained a Buy rating on Genco Shipping (GNKResearch Report) today and set a price target of $25.00. The company’s shares closed last Friday at $18.79, close to its 52-week high of $18.82.

According to TipRanks.com, Fratt is a top 100 analyst with an average return of 56.5% and a 58.6% success rate. Fratt covers the Industrial Goods sector, focusing on stocks such as Grindrod Shipping Holdings, Energy Services of America, and Great Lakes Dredge & Dock.

Genco Shipping has an analyst consensus of Strong Buy, with a price target consensus of $21.67.

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Based on Genco Shipping’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $87.59 million and net profit of $1.99 million. In comparison, last year the company earned revenue of $98.34 million and had a GAAP net loss of $120 million.

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.