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

Genco Shipping & Trading (NYSE:GNK) posted its quarterly earnings data on Wednesday. The shipping company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03, Briefing.com reports. The business had revenue of $117.44 million for the quarter, compared to analysts’ expectations of $77.31 million. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The business’s revenue was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.06 earnings per share.

Genco Shipping & Trading Stock Performance

GNK traded up $0.06 during trading on Thursday, reaching $22.71. 934,667 shares of the company’s stock were exchanged, compared to its average volume of 715,757. Genco Shipping & Trading has a 1 year low of $12.39 and a 1 year high of $23.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. The stock has a market capitalization of $970.90 million, a P/E ratio of -73.06 and a beta of 1.11. The company’s fifty day simple moving average is $20.74 and its 200-day simple moving average is $17.62.

Genco Shipping & Trading Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Wednesday, May 22nd will be given a dividend of $0.42 per share. The ex-dividend date is Tuesday, May 21st. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.41. This represents a $1.68 dividend on an annualized basis and a yield of 7.40%. Genco Shipping & Trading’s dividend payout ratio (DPR) is currently -529.03%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GNK shares. TheStreet raised shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research note on Thursday, February 22nd. StockNews.com lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Stifel Nicolaus increased their price target on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Finally, Jefferies Financial Group increased their price target on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $23.33.

Insiders Place Their Bets

In other news, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total transaction of $28,478.40. Following the completion of the transaction, the chief accounting officer now directly owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total value of $28,478.40. Following the sale, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $139,312.80. Following the completion of the sale, the chief financial officer now directly owns 35,518 shares in the company, valued at approximately $703,256.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,496 shares of company stock valued at $1,238,678. 2.08% of the stock is owned by insiders.

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.