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

Genco Shipping & Trading (NYSE:GNK) issued its quarterly earnings data on Wednesday. The shipping company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.42 by $0.04, Briefing.com reports. The firm had revenue of $107.00 million during the quarter, compared to the consensus estimate of $74.86 million. Genco Shipping & Trading had a return on equity of 5.15% and a net margin of 0.81%. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.27 earnings per share.

Genco Shipping & Trading Stock Performance

NYSE:GNK traded down $0.08 during trading hours on Friday, reaching $17.33. The stock had a trading volume of 654,107 shares, compared to its average volume of 653,582. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.94 and a current ratio of 3.72. The stock has a 50 day simple moving average of $20.51 and a 200 day simple moving average of $20.37. Genco Shipping & Trading has a 12-month low of $12.65 and a 12-month high of $23.43. 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 company also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Shareholders of record on Monday, August 19th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 7.85%. The ex-dividend date is Monday, August 19th. Genco Shipping & Trading’s dividend payout ratio is currently 2,800.00%.

Analyst Upgrades and Downgrades

GNK has been the subject of several analyst reports. Stifel Nicolaus increased their price objective on Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. B. Riley increased their price target on Genco Shipping & Trading from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, May 10th. StockNews.com raised Genco Shipping & Trading from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Jefferies Financial Group increased their price target on Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Finally, Alliance Global Partners increased their price target on Genco Shipping & Trading from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.75.

Insiders Place Their Bets

In other Genco Shipping & Trading news, Director Arthur L. Regan sold 1,400 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $22.86, for a total value of $32,004.00. Following the completion of the sale, the director now directly owns 104,414 shares of the company’s stock, valued at $2,386,904.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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.