Genco Shipping & Trading (NYSE:GNK) Announces Earnings Results, Beats Estimates By $0.03 EPS

Genco Shipping & Trading (NYSE:GNK) announced its quarterly earnings data on Wednesday. The shipping company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03, Briefing.com reports. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The firm had revenue of $117.44 million for the quarter, compared to analyst estimates of $77.31 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. Genco Shipping & Trading’s quarterly revenue was up 24.4% on a year-over-year basis.

Genco Shipping & Trading Stock Up 0.3 %

Shares of GNK stock traded up $0.06 during trading hours on Thursday, reaching $22.71. The company 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. Genco Shipping & Trading has a twelve month low of $12.39 and a twelve month high of $23.40. The company has a market capitalization of $970.90 million, a P/E ratio of -73.06 and a beta of 1.11. The stock’s fifty day simple moving average is $20.74 and its 200 day simple moving average is $17.62.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 22nd will be paid a $0.42 dividend. 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 (DPR) is -529.03%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on GNK shares. TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Thursday, February 22nd. 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. 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 research report on Thursday. Finally, StockNews.com downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Genco Shipping & Trading presently has an average rating of “Hold” and an average price target of $23.33.

Insider Activity

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total transaction of $28,478.40. Following the completion of the sale, the chief accounting officer now owns 17,994 shares in the company, valued at approximately $367,077.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $20.40, for a total transaction of $28,478.40. Following the transaction, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Peter George Allen sold 7,036 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $139,312.80. Following the transaction, the chief financial officer now directly owns 35,518 shares in the company, valued at approximately $703,256.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,496 shares of company stock worth $1,238,678. 2.08% of the stock is currently owned by corporate insiders.

About Genco Shipping & Trading

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.