Genco Shipping & Trading (NYSE:GNK) Posts Earnings Results, Beats Expectations By $0.04 EPS

Genco Shipping & Trading (NYSE:GNK) released its quarterly earnings data on Wednesday. The shipping company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $74.86 million. During the same quarter in the prior year, the company earned $0.27 EPS. The firm’s quarterly revenue was up 18.1% on a year-over-year basis.

Genco Shipping & Trading Stock Down 0.5 %

Shares of Genco Shipping & Trading stock traded down $0.08 during trading hours on Friday, reaching $17.33. 654,107 shares of the company’s stock were exchanged, compared to its average volume of 653,582. The company has a 50 day moving average of $20.51 and a two-hundred day moving average of $20.37. Genco Shipping & Trading has a fifty-two week low of $12.65 and a fifty-two week high of $23.43. The company has a current ratio of 3.72, a quick ratio of 2.94 and a debt-to-equity ratio of 0.18. The stock has a market cap of $741.00 million, a P/E ratio of 288.83 and a beta of 0.96.

Genco Shipping & Trading Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on GNK. Alliance Global Partners upped 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. StockNews.com upgraded Genco Shipping & Trading from a “sell” rating to a “hold” rating in a report on Friday, May 10th. B. Riley increased their target price on Genco Shipping & Trading from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Stifel Nicolaus increased their target price on Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Finally, Jefferies Financial Group increased their target price on Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.75.

Insider Transactions at Genco Shipping & Trading

In other news, Director Arthur L. Regan sold 1,400 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $22.86, for a total transaction of $32,004.00. Following the completion of the transaction, the director now directly owns 104,414 shares in the company, valued at approximately $2,386,904.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.50% of the company’s stock.

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.