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

Genco Shipping & Trading (NYSE:GNK) announced its quarterly earnings results 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 firm 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%. Genco Shipping & Trading’s revenue was up 24.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 earnings per share.

Genco Shipping & Trading Price Performance

Shares of GNK stock traded up $0.06 during mid-day trading on Thursday, reaching $22.71. The company’s stock had a trading volume of 934,667 shares, compared to its average volume of 715,757. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.70 and a current ratio of 4.46. The firm’s 50-day moving average is $20.74 and its two-hundred day moving average is $17.62. The company has a market cap of $970.90 million, a P/E ratio of -73.06 and a beta of 1.11. Genco Shipping & Trading has a 1-year low of $12.39 and a 1-year high of $23.43.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders 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 represents a $1.68 dividend on an annualized basis and a dividend yield of 7.40%. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.41. Genco Shipping & Trading’s dividend payout ratio is currently -529.03%.

Insider Activity at Genco Shipping & Trading

In other news, insider Jesper Christensen sold 12,404 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $245,599.20. Following the sale, the insider now owns 42,587 shares in the company, valued at $843,222.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Genco Shipping & Trading news, insider Jesper Christensen sold 12,404 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $245,599.20. Following the completion of the transaction, the insider now owns 42,587 shares in the company, valued at approximately $843,222.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Peter George Allen sold 7,036 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $139,312.80. Following the completion of the sale, the chief financial officer now owns 35,518 shares in the company, valued at approximately $703,256.40. The disclosure for this sale can be found here. Insiders have sold a total of 62,496 shares of company stock valued at $1,238,678 in the last 90 days. 2.08% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GNK. TheStreet upgraded Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Thursday, February 22nd. Jefferies Financial Group upped 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. Stifel Nicolaus upped their target price on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, April 19th. Finally, StockNews.com downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $23.33.

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.