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

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

Genco Shipping & Trading Trading Down 0.5 %

NYSE GNK traded down $0.08 during trading on Friday, hitting $17.33. The stock had a trading volume of 654,107 shares, compared to its average volume of 653,582. The company has a quick ratio of 2.94, a current ratio of 3.72 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $741.00 million, a PE ratio of 288.83 and a beta of 0.96. The firm has a 50 day moving average price of $20.51 and a 200 day moving average price of $20.37. Genco Shipping & Trading has a twelve month low of $12.65 and a twelve month high of $23.43.

Genco Shipping & Trading Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Investors of record on Monday, August 19th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 7.85%. The ex-dividend date is Monday, August 19th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 2,800.00%.

Insider Activity

In other Genco Shipping & Trading news, Director Arthur L. Regan sold 1,400 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were 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 owns 104,414 shares of the company’s stock, valued at approximately $2,386,904.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on GNK. Jefferies Financial Group boosted their target price on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Stifel Nicolaus raised their target price on Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. B. Riley upped their price target on Genco Shipping & Trading from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Alliance Global Partners raised their price objective on Genco Shipping & Trading from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Finally, StockNews.com raised shares of Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Genco Shipping & Trading currently has an average rating of “Moderate Buy” and an average price target of $26.75.

About Genco Shipping & Trading

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.