B. Riley Weighs in on Genco Shipping & Trading Limited’s Q4 2024 Earnings (NYSE:GNK)

Genco Shipping & Trading Limited (NYSE:GNK) – Investment analysts at B. Riley cut their Q4 2024 earnings per share (EPS) estimates for shares of Genco Shipping & Trading in a report issued on Thursday, August 8th. B. Riley analyst L. Burke now expects that the shipping company will post earnings of $0.48 per share for the quarter, down from their prior estimate of $0.55. B. Riley currently has a “Buy” rating and a $30.00 target price on the stock. The consensus estimate for Genco Shipping & Trading’s current full-year earnings is $2.27 per share.

Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, August 7th. The shipping company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. Genco Shipping & Trading had a net margin of 0.81% and a return on equity of 5.15%. The company had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $74.86 million. During the same period in the prior year, the company earned $0.27 earnings per share. The firm’s revenue was up 18.1% compared to the same quarter last year.

Several other brokerages also recently issued reports on GNK. Stifel Nicolaus raised 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. Jefferies Financial Group raised their target price on Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. StockNews.com upgraded shares of Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Finally, Alliance Global Partners lifted their price objective on shares of Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Genco Shipping & Trading presently has an average rating of “Moderate Buy” and an average target price of $26.75.

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK opened at $17.78 on Monday. The stock has a market capitalization of $760.24 million, a P/E ratio of 295.00 and a beta of 0.96. The firm’s 50-day moving average price is $20.42 and its two-hundred day moving average price is $20.42. Genco Shipping & Trading has a 52-week low of $12.65 and a 52-week high of $23.43. The company has a quick ratio of 2.94, a current ratio of 3.72 and a debt-to-equity ratio of 0.18.

Genco Shipping & Trading Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Investors of record on Monday, August 19th will be given a $0.34 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $1.36 dividend on an annualized basis and a yield of 7.65%. Genco Shipping & Trading’s dividend payout ratio is presently 2,266.67%.

Institutional Trading of Genco Shipping & Trading

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board acquired a new position in shares of Genco Shipping & Trading during the second quarter valued at approximately $1,492,000. XTX Topco Ltd bought a new position in Genco Shipping & Trading during the 2nd quarter valued at $442,000. Moors & Cabot Inc. increased its position in shares of Genco Shipping & Trading by 2.0% during the 2nd quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock valued at $669,000 after purchasing an additional 628 shares during the period. Renaissance Technologies LLC raised its stake in shares of Genco Shipping & Trading by 66.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock worth $22,376,000 after buying an additional 419,730 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Genco Shipping & Trading by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,869,297 shares of the shipping company’s stock valued at $61,145,000 after buying an additional 33,150 shares during the period. 58.62% of the stock is currently owned by institutional investors.

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.