Zacks: Analysts Expect Genco Shipping & Trading Limited (NYSE:GNK) Will Announce Earnings of $0.18 Per Share

Wall Street analysts forecast that Genco Shipping & Trading Limited (NYSE:GNK) will report $0.18 earnings per share (EPS) for the current quarter, Zacks reports. Two analysts have made estimates for Genco Shipping & Trading’s earnings. The lowest EPS estimate is $0.10 and the highest is $0.23. Genco Shipping & Trading posted earnings of $0.39 per share in the same quarter last year, which would suggest a negative year over year growth rate of 53.8%. The business is scheduled to announce its next quarterly earnings results on Tuesday, March 3rd.

According to Zacks, analysts expect that Genco Shipping & Trading will report full-year earnings of ($1.06) per share for the current financial year, with EPS estimates ranging from ($1.13) to ($0.99). For the next fiscal year, analysts anticipate that the firm will post earnings of $1.25 per share, with EPS estimates ranging from $0.28 to $1.92. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Genco Shipping & Trading.

Several analysts recently commented on the company. ValuEngine lowered Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Zacks Investment Research lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Noble Financial reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Genco Shipping & Trading in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. Genco Shipping & Trading presently has a consensus rating of “Hold” and a consensus price target of $14.90.

In other Genco Shipping & Trading news, Director Strategic Value Partners, Llc sold 2,000,000 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $10.00, for a total transaction of $20,000,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.32% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Genco Shipping & Trading by 34.2% during the second quarter. BlackRock Inc. now owns 1,019,806 shares of the shipping company’s stock valued at $8,607,000 after purchasing an additional 260,096 shares during the period. Vanguard Group Inc. grew its holdings in Genco Shipping & Trading by 1.4% during the second quarter. Vanguard Group Inc. now owns 309,266 shares of the shipping company’s stock valued at $2,611,000 after purchasing an additional 4,284 shares during the period. State Street Corp grew its holdings in Genco Shipping & Trading by 33.4% during the third quarter. State Street Corp now owns 262,614 shares of the shipping company’s stock valued at $2,416,000 after purchasing an additional 65,734 shares during the period. Northern Trust Corp grew its holdings in Genco Shipping & Trading by 6.8% during the second quarter. Northern Trust Corp now owns 131,286 shares of the shipping company’s stock valued at $1,108,000 after purchasing an additional 8,364 shares during the period. Finally, Prudential Financial Inc. grew its holdings in Genco Shipping & Trading by 72.6% during the second quarter. Prudential Financial Inc. now owns 78,445 shares of the shipping company’s stock valued at $662,000 after purchasing an additional 33,000 shares during the period. 84.08% of the stock is owned by institutional investors and hedge funds.

Shares of GNK traded down $0.24 during trading hours on Friday, hitting $9.71. The stock had a trading volume of 163,898 shares, compared to its average volume of 235,700. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.02 and a quick ratio of 1.83. Genco Shipping & Trading has a 12 month low of $6.83 and a 12 month high of $11.82. The firm has a market capitalization of $428.40 million, a PE ratio of 15.17 and a beta of 1.10. The stock has a fifty day moving average price of $10.52 and a 200 day moving average price of $9.46.

The business also recently declared a None dividend, which was paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st were issued a dividend of $0.50 per share. The ex-dividend date was Wednesday, November 20th. Genco Shipping & Trading’s dividend payout ratio is presently 109.38%.

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 ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including 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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