Jefferies Believes Genco Shipping (NYSE: GNK) Still Has Room to Grow

In a report released today, Randy Giveans from Jefferies maintained a Buy rating on Genco Shipping (GNKResearch Report), with a price target of $20.00. The company’s shares closed last Thursday at $15.64, close to its 52-week high of $16.95.

According to TipRanks.com, Giveans is a 4-star analyst with an average return of 19.2% and a 56.5% success rate. Giveans covers the Industrial Goods sector, focusing on stocks such as ZIM Integrated Shipping Services, Navios Maritime Partners, and Nordic American Tanker.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Genco Shipping with a $18.40 average price target, representing a 21.4% upside. In a report issued on April 21, Fearnley Securities also upgraded the stock to Buy with a $15.00 price target.

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Genco Shipping’s market cap is currently $667.2M and has a P/E ratio of -2.90. The company has a Price to Book ratio of 0.86.

Based on the recent corporate insider activity of 37 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.