Genco Shipping & Trading (NYSE:GNK) Announces Earnings Results

Genco Shipping & Trading (NYSE:GNK) announced its earnings results on Wednesday. The shipping company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05, FiscalAI reports. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The business had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $90.59 million. During the same period in the prior year, the company earned ($0.16) earnings per share. The business’s revenue was up 68.5% compared to the same quarter last year.

Genco Shipping & Trading Trading Down 2.1%

Genco Shipping & Trading stock traded down $0.54 during trading on Thursday, reaching $25.03. The company had a trading volume of 424,588 shares, compared to its average volume of 386,065. Genco Shipping & Trading has a 12-month low of $15.55 and a 12-month high of $27.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.98. The stock’s 50 day moving average price is $24.65 and its two-hundred day moving average price is $23.47. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 65.86, a PEG ratio of 3.18 and a beta of 0.94.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 17th will be issued a $0.80 dividend. The ex-dividend date is Monday, August 17th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.35. This represents a $3.20 dividend on an annualized basis and a yield of 12.8%. Genco Shipping & Trading’s payout ratio is presently 368.42%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $29.00 price target on shares of Genco Shipping & Trading in a report on Friday, May 8th. Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Finally, Zacks Research upgraded Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.67.

Institutional Trading of Genco Shipping & Trading

Several institutional investors have recently made changes to their positions in GNK. Royal Bank of Canada raised its position in shares of Genco Shipping & Trading by 68.2% in the 1st quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company’s stock worth $725,000 after buying an additional 22,007 shares during the period. Amundi raised its holdings in shares of Genco Shipping & Trading by 29.0% in the 1st quarter. Amundi now owns 8,000 shares of the shipping company’s stock worth $101,000 after purchasing an additional 1,800 shares during the period. AQR Capital Management LLC raised its holdings in shares of Genco Shipping & Trading by 49.3% in the 1st quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after purchasing an additional 97,766 shares during the period. Dynamic Technology Lab Private Ltd lifted its stake in shares of Genco Shipping & Trading by 59.5% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company’s stock valued at $238,000 after purchasing an additional 6,660 shares in the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Genco Shipping & Trading by 15.7% during the 2nd quarter. Cetera Investment Advisers now owns 19,983 shares of the shipping company’s stock worth $261,000 after purchasing an additional 2,715 shares during the period. 58.62% of the stock is owned by hedge funds and other institutional investors.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.