Genco Shipping & Trading (NYSE:GNK) released its earnings results on Wednesday. The shipping company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01, Fidelity Earnings reports. The business had revenue of $92.26 million for the quarter, compared to analyst estimates of $61.91 million. Genco Shipping & Trading had a negative net margin of 29.58% and a negative return on equity of 0.59%.
GNK stock traded down $0.21 during midday trading on Thursday, hitting $10.27. The stock had a trading volume of 568,059 shares, compared to its average volume of 196,929. The firm has a market cap of $456.19 million, a price-to-earnings ratio of -7.96 and a beta of 0.50. 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 1-year low of $9.75 and a 1-year high of $20.07.
Several research firms recently issued reports on GNK. ValuEngine lowered shares of Genco Shipping & Trading from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 14th. MED restated a “reduce” rating on shares of Genco Shipping & Trading in a report on Tuesday, October 9th. B. Riley began coverage on shares of Genco Shipping & Trading in a report on Thursday, October 4th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Noble Financial set a $24.00 target price on shares of Genco Shipping & Trading and gave the company a “buy” rating in a report on Thursday, July 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. Genco Shipping & Trading presently has an average rating of “Buy” and an average target price of $18.81.
Institutional investors and hedge funds have recently bought and sold shares of the business. ClariVest Asset Management LLC bought a new stake in Genco Shipping & Trading in the third quarter valued at $109,000. Meeder Asset Management Inc. increased 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 purchasing an additional 7,211 shares in the last quarter. SG Americas Securities LLC bought a new stake in Genco Shipping & Trading in the second quarter valued at $146,000. Russell Investments Group Ltd. bought a new stake in Genco Shipping & Trading in the second quarter valued at $163,000. Finally, Hartford Investment Management Co. bought a new stake in Genco Shipping & Trading in the second quarter valued at $169,000. 87.65% of the stock is owned by hedge funds and other institutional investors.
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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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