Genco Shipping & Trading Limited (NYSE:GNK - Free Report) - Equities research analysts at B. Riley lifted their Q3 2024 earnings per share (EPS) estimates for Genco Shipping & Trading in a report released on Thursday, May 9th. B. Riley analyst L. Burke now forecasts that the shipping company will earn $0.20 per share for the quarter, up from their prior forecast of $0.14. B. Riley has a "Buy" rating and a $30.00 price target on the stock. The consensus estimate for Genco Shipping & Trading's current full-year earnings is $1.93 per share. B. Riley also issued estimates for Genco Shipping & Trading's Q4 2024 earnings at $0.56 EPS and FY2025 earnings at $1.84 EPS.
Genco Shipping & Trading (NYSE:GNK - Get Free Report) last released its earnings results on Wednesday, May 8th. The shipping company reported $0.49 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. Genco Shipping & Trading had a positive return on equity of 3.10% and a negative net margin of 3.35%. The business had revenue of $117.44 million for the quarter, compared to analysts' expectations of $77.31 million. During the same quarter in the prior year, the firm earned $0.06 earnings per share. The firm's revenue was up 24.4% on a year-over-year basis.
A number of other analysts have also weighed in on the stock. StockNews.com lowered shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a report on Thursday, April 18th. Jefferies Financial Group raised their target price on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday. Stifel Nicolaus raised their price target on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the company a "buy" rating in a research report on Friday, April 19th. Finally, TheStreet raised shares of Genco Shipping & Trading from a "c" rating to a "b-" rating in a research report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Genco Shipping & Trading presently has a consensus rating of "Hold" and a consensus target price of $25.00.
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Genco Shipping & Trading Trading Up 0.5 %
Shares of NYSE:GNK traded up $0.12 on Friday, reaching $22.83. 825,988 shares of the company traded hands, compared to its average volume of 718,639. The business's 50-day simple moving average is $20.82 and its 200 day simple moving average is $17.72. Genco Shipping & Trading has a 52 week low of $12.39 and a 52 week high of $23.43. The stock has a market capitalization of $976.03 million, a P/E ratio of -73.65 and a beta of 1.11. The company has a current ratio of 4.46, a quick ratio of 3.70 and a debt-to-equity ratio of 0.21.
Institutional Trading of Genco Shipping & Trading
A number of hedge funds have recently bought and sold shares of GNK. Gladius Capital Management LP purchased a new position in Genco Shipping & Trading in the 4th quarter worth $37,000. PNC Financial Services Group Inc. lifted its stake in Genco Shipping & Trading by 1,632.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,270 shares of the shipping company's stock worth $32,000 after purchasing an additional 2,139 shares in the last quarter. CWM LLC lifted its stake in Genco Shipping & Trading by 550.0% in the 4th quarter. CWM LLC now owns 3,796 shares of the shipping company's stock worth $63,000 after purchasing an additional 3,212 shares in the last quarter. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at approximately $126,000. Finally, Banque Cantonale Vaudoise raised its position in shares of Genco Shipping & Trading by 236.6% during the 1st quarter. Banque Cantonale Vaudoise now owns 8,536 shares of the shipping company's stock valued at $174,000 after buying an additional 6,000 shares during the period. Hedge funds and other institutional investors own 58.62% of the company's stock.
Insider Buying and Selling at Genco Shipping & Trading
In related news, CFO Peter George Allen sold 7,036 shares of the business's stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $139,312.80. Following the sale, the chief financial officer now directly owns 35,518 shares in the company, valued at $703,256.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Genco Shipping & Trading news, CFO Peter George Allen sold 7,036 shares of the business's stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $139,312.80. Following the sale, the chief financial officer now directly owns 35,518 shares of the company's stock, valued at $703,256.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Joseph Adamo sold 1,396 shares of the company's stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $20.40, for a total value of $28,478.40. Following the transaction, the chief accounting officer now directly owns 17,994 shares in the company, valued at approximately $367,077.60. The disclosure for this sale can be found here. Insiders have sold a total of 62,496 shares of company stock valued at $1,238,678 over the last ninety days. 2.08% of the stock is currently owned by company insiders.
Genco Shipping & Trading Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 22nd will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 7.36%. The ex-dividend date is Tuesday, May 21st. This is a boost from Genco Shipping & Trading's previous quarterly dividend of $0.41. Genco Shipping & Trading's dividend payout ratio (DPR) is currently -529.03%.
Genco Shipping & Trading Company Profile
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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.
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