Genco Shipping & Trading Limited to Post Q3 2018 Earnings of $0.08 Per Share, B. Riley Forecasts (GNK)

Genco Shipping & Trading Limited (NYSE:GNK) – Equities researchers at B. Riley issued their Q3 2018 EPS estimates for shares of Genco Shipping & Trading in a research report issued on Wednesday, October 3rd. B. Riley analyst L. Burke anticipates that the shipping company will post earnings per share of $0.08 for the quarter. B. Riley currently has a “Buy” rating and a $22.00 price objective on the stock. B. Riley also issued estimates for Genco Shipping & Trading’s Q4 2018 earnings at $0.35 EPS, FY2018 earnings at $0.55 EPS and FY2019 earnings at $1.29 EPS.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings data on Wednesday, August 8th. The shipping company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.04. Genco Shipping & Trading had a negative return on equity of 0.59% and a negative net margin of 29.58%. The business had revenue of $86.16 million during the quarter, compared to analysts’ expectations of $59.97 million.

Other equities research analysts have also recently issued reports about the company. ValuEngine cut Genco Shipping & Trading from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 14th. Noble Financial reaffirmed a “buy” rating and set a $23.00 price objective on shares of Genco Shipping & Trading in a research note on Friday, August 10th. Finally, Zacks Investment Research raised Genco Shipping & Trading from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Wednesday, June 20th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $18.81.

Shares of Genco Shipping & Trading stock opened at $14.43 on Monday. The company has a quick ratio of 3.85, a current ratio of 4.14 and a debt-to-equity ratio of 0.39. Genco Shipping & Trading has a 12 month low of $9.75 and a 12 month high of $20.07. The firm has a market cap of $581.66 million, a P/E ratio of -11.19 and a beta of -0.07.

Several institutional investors have recently made changes to their positions in the stock. Northern Trust Corp grew its stake in Genco Shipping & Trading by 4.8% in the first quarter. Northern Trust Corp now owns 84,773 shares of the shipping company’s stock valued at $1,205,000 after acquiring an additional 3,899 shares during the period. Meeder Asset Management Inc. grew its stake in Genco Shipping & Trading by 1,178.3% in the second quarter. Meeder Asset Management Inc. now owns 7,823 shares of the shipping company’s stock valued at $121,000 after acquiring an additional 7,211 shares during the period. SG Americas Securities LLC acquired a new position in Genco Shipping & Trading in the second quarter valued at about $146,000. Schwab Charles Investment Management Inc. grew its stake in Genco Shipping & Trading by 82.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 22,200 shares of the shipping company’s stock valued at $316,000 after acquiring an additional 10,000 shares during the period. Finally, Russell Investments Group Ltd. acquired a new position in Genco Shipping & Trading in the second quarter valued at about $163,000. 87.68% of the stock is owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ores, coal, grains, steel products, and other dry-bulk cargoes. The company charters its vessels primarily to trading houses, such as commodities traders; producers; and government-owned entities.

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Earnings History and Estimates for Genco Shipping & Trading (NYSE:GNK)

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