Zacks: Brokerages Anticipate Genco Shipping & Trading Limited (NYSE:GNK) Will Announce Earnings of $1.32 Per Share

Wall Street analysts expect Genco Shipping & Trading Limited (NYSE:GNK) to post $1.32 earnings per share for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Genco Shipping & Trading’s earnings, with the lowest EPS estimate coming in at $1.22 and the highest estimate coming in at $1.41. Genco Shipping & Trading reported earnings of $0.03 per share during the same quarter last year, which would indicate a positive year over year growth rate of 4,300%. The business is expected to issue its next earnings report on Wednesday, November 3rd.

According to Zacks, analysts expect that Genco Shipping & Trading will report full year earnings of $3.43 per share for the current financial year, with EPS estimates ranging from $3.26 to $3.75. For the next fiscal year, analysts expect that the firm will report earnings of $3.50 per share, with EPS estimates ranging from $2.78 to $4.25. Zacks’ earnings per share averages are an average based on a survey of research firms that that provide coverage for Genco Shipping & Trading.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, August 4th. The shipping company reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.03. Genco Shipping & Trading had a negative net margin of 13.53% and a positive return on equity of 5.87%. The firm had revenue of $84.31 million for the quarter, compared to the consensus estimate of $75.51 million.

A number of analysts have commented on GNK shares. Jefferies Financial Group boosted their target price on Genco Shipping & Trading from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, June 30th. BTIG Research began coverage on Genco Shipping & Trading in a research report on Monday, September 13th. They issued a “buy” rating and a $26.00 price objective on the stock. HC Wainwright assumed coverage on Genco Shipping & Trading in a research report on Monday, September 13th. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Zacks Investment Research lowered Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 21st. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $41.43.

GNK opened at $19.00 on Friday. The company has a quick ratio of 2.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.39. Genco Shipping & Trading has a 52-week low of $6.38 and a 52-week high of $22.00. The company has a market cap of $796.42 million, a P/E ratio of -14.96 and a beta of 1.00. The firm’s 50-day moving average price is $18.61 and its 200-day moving average price is $16.22.

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 25th. Shareholders of record on Tuesday, August 17th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, August 16th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.05. This represents a $0.40 annualized dividend and a yield of 2.11%. Genco Shipping & Trading’s dividend payout ratio is currently -114.29%.

In related news, major shareholder Cayman Gp Ltd. Ccp II sold 100,000 shares of the stock in a transaction dated Monday, August 16th. The stock was sold at an average price of $17.75, for a total value of $1,775,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Joseph Adamo sold 2,739 shares of the stock in a transaction dated Thursday, September 16th. The shares were sold at an average price of $21.34, for a total value of $58,450.26. Following the completion of the transaction, the chief accounting officer now directly owns 3,992 shares of the company’s stock, valued at approximately $85,189.28. The disclosure for this sale can be found here. Insiders have sold 923,739 shares of company stock valued at $16,667,820 over the last 90 days. 2.07% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in GNK. Ameritas Investment Partners Inc. raised its position in shares of Genco Shipping & Trading by 74.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,519 shares of the shipping company’s stock worth $48,000 after purchasing an additional 1,074 shares during the period. Patriot Financial Group Insurance Agency LLC increased its position in Genco Shipping & Trading by 181.8% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 3,100 shares of the shipping company’s stock valued at $59,000 after acquiring an additional 2,000 shares during the period. Legal & General Group Plc increased its position in Genco Shipping & Trading by 147.2% in the 2nd quarter. Legal & General Group Plc now owns 3,730 shares of the shipping company’s stock valued at $70,000 after acquiring an additional 2,221 shares during the period. Federated Hermes Inc. acquired a new stake in Genco Shipping & Trading in the 2nd quarter valued at approximately $71,000. Finally, BNP Paribas Arbitrage SA increased its position in shares of Genco Shipping & Trading by 95.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,214 shares of the shipping company’s stock valued at $83,000 after purchasing an additional 4,002 shares during the period. Institutional investors and hedge funds own 70.27% of the company’s stock.

About Genco Shipping & Trading

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.

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Earnings History and Estimates for Genco Shipping & Trading (NYSE:GNK)

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