Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) – Jefferies Financial Group issued their Q1 2023 earnings estimates for Genco Shipping & Trading in a report released on Thursday, August 4th. Jefferies Financial Group analyst O. Nokta expects that the shipping company will earn $0.85 per share for the quarter. Jefferies Financial Group currently has a “Buy” rating and a $25.00 target price on the stock. The consensus estimate for Genco Shipping & Trading’s current full-year earnings is $4.62 per share. Jefferies Financial Group also issued estimates for Genco Shipping & Trading’s Q2 2023 earnings at $0.82 EPS, Q3 2023 earnings at $0.85 EPS, Q4 2023 earnings at $0.84 EPS and FY2024 earnings at $3.13 EPS.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The shipping company reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.01). Genco Shipping & Trading had a net margin of 38.70% and a return on equity of 26.38%. The company had revenue of $97.76 million for the quarter, compared to analysts’ expectations of $95.11 million.
GNK has been the topic of several other research reports. StockNews.com cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Friday. B. Riley boosted their price target on shares of Genco Shipping & Trading from $27.00 to $31.00 in a research report on Friday, May 6th. Alliance Global Partners started coverage on shares of Genco Shipping & Trading in a report on Wednesday. They issued a “buy” rating and a $29.00 price objective on the stock. Finally, Clarkson Capital restated a “buy” rating on shares of Genco Shipping & Trading in a report on Tuesday, June 14th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.20.
Genco Shipping & Trading Price Performance
Shares of NYSE GNK opened at $17.45 on Friday. Genco Shipping & Trading has a 1 year low of $13.21 and a 1 year high of $27.15. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.78 and a quick ratio of 2.16. The company’s 50-day moving average is $19.94 and its 200 day moving average is $20.45. The stock has a market capitalization of $734.68 million, a P/E ratio of 3.15 and a beta of 0.90.
Genco Shipping & Trading Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 16th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 11.46%. The ex-dividend date of this dividend is Monday, August 15th. Genco Shipping & Trading’s payout ratio is 57.04%.
Insider Activity
In other news, insider Robert E. Hughes sold 3,500 shares of the stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $24.79, for a total transaction of $86,765.00. Following the sale, the insider now owns 742 shares in the company, valued at $18,394.18. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider Robert E. Hughes sold 3,500 shares of the stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $24.79, for a total transaction of $86,765.00. Following the transaction, the insider now owns 742 shares in the company, valued at $18,394.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO John C. Wobensmith sold 45,000 shares of the stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $25.15, for a total transaction of $1,131,750.00. Following the transaction, the chief executive officer now owns 399,099 shares in the company, valued at approximately $10,037,339.85. The disclosure for this sale can be found here. Insiders have sold a total of 148,500 shares of company stock worth $3,732,515 over the last 90 days. 2.50% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new position in Genco Shipping & Trading in the second quarter worth approximately $25,000. Spire Wealth Management bought a new position in Genco Shipping & Trading in the second quarter worth approximately $26,000. Acadian Asset Management LLC bought a new position in Genco Shipping & Trading in the first quarter worth approximately $26,000. Edmond DE Rothschild Holding S.A. bought a new position in Genco Shipping & Trading in the first quarter worth approximately $28,000. Finally, Penserra Capital Management LLC bought a new position in Genco Shipping & Trading in the first quarter worth approximately $47,000. Institutional investors own 75.90% of the company’s stock.
Genco Shipping & Trading Company Profile
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to 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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