Genco Shipping & Trading (NYSE:GNK) Announces Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Genco Shipping & Trading (NYSE:GNK) issued its quarterly earnings data on Wednesday. The shipping company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.04, Briefing.com reports. The firm had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $74.86 million. Genco Shipping & Trading had a return on equity of 5.15% and a net margin of 0.81%. Genco Shipping & Trading’s revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 earnings per share.

Genco Shipping & Trading Trading Down 0.5 %

Genco Shipping & Trading stock traded down $0.08 during trading on Friday, hitting $17.33. The company’s stock had a trading volume of 654,107 shares, compared to its average volume of 653,582. The stock has a market capitalization of $741.00 million, a price-to-earnings ratio of 288.83 and a beta of 0.96. The stock’s fifty day moving average is $20.51 and its 200 day moving average is $20.37. Genco Shipping & Trading has a 1-year low of $12.65 and a 1-year high of $23.43. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.94 and a current ratio of 3.72.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Investors of record on Monday, August 19th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $1.36 annualized dividend and a yield of 7.85%. Genco Shipping & Trading’s payout ratio is currently 2,800.00%.

Analyst Ratings Changes

Several brokerages recently issued reports on GNK. B. Riley lifted their price objective on Genco Shipping & Trading from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Stifel Nicolaus boosted their price target on Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, April 19th. StockNews.com raised Genco Shipping & Trading from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Alliance Global Partners boosted their price target on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Finally, Jefferies Financial Group boosted their price target on Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.75.

Insider Activity at Genco Shipping & Trading

In related news, Director Arthur L. Regan sold 1,400 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $22.86, for a total value of $32,004.00. Following the completion of the transaction, the director now directly owns 104,414 shares in the company, valued at $2,386,904.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.50% of the company’s stock.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.