Morgan Stanley Upgrades Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) to Equal-Weight with Price Target $13

Brokerage firm Morgan Stanley Upgrades its rating on Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands)(GNK). As per the latest information, Morgan Stanley Raises the price target to $13 per share from a prior target of $5. The shares have been rated Equal-Weight. Previously, the analysts had a Underweight rating on the shares. The rating by the stock financial advisor at Morgan Stanley was issued on Mar 28, 2017 in a research report to their Investors and Clients.

Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (GNK) made into the market gainers list on Fridays trading session with the shares advancing 0.99% or 0.11 points. Due to strong positive momentum, the stock ended at $11.24, which is also near the day’s high of $11.55. The stock began the session at $11.32 and the volume stood at 72,762 shares. The 52-week high of the shares is $14.75 and the 52 week low is $3.6218. The company has a current market capitalization of $387 M and it has 3,44,16,305 shares in outstanding.

Several Insider Transactions has been reported to the SEC. On Aug 14, 2015, John C Wobensmith (President and Secretary) sold 17,190 shares at $7.00 per share price.Also, On Aug 11, 2015, Apostolos Zafolias (Chief Financial Officer) sold 3,038 shares at $7.18 per share price.On Aug 11, 2015, Joseph Adamo (Chief Accounting Officer) sold 922 shares at $7.17 per share price, according to the Form-4 filing with the securities and exchange commission.

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