Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) – Equities researchers at B. Riley raised their Q2 2022 EPS estimates for shares of Genco Shipping & Trading in a research note issued on Thursday, May 5th. B. Riley analyst L. Burke now forecasts that the shipping company will post earnings per share of $1.08 for the quarter, up from their prior estimate of $0.91. B. Riley also issued estimates for Genco Shipping & Trading’s FY2022 earnings at $4.61 EPS.
Genco Shipping & Trading (NYSE:GNK – Get Rating) last issued its quarterly earnings results on Thursday, February 24th. The shipping company reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.10. Genco Shipping & Trading had a return on equity of 26.20% and a net margin of 37.21%. The company had revenue of $146.67 million for the quarter, compared to analyst estimates of $129.28 million. During the same quarter last year, the company posted $0.22 EPS.
Several other equities analysts have also issued reports on GNK. Jefferies Financial Group initiated coverage on Genco Shipping & Trading in a research note on Wednesday, April 27th. They issued a “buy” rating on the stock. Zacks Investment Research downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, April 26th. TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Wednesday, February 2nd. Finally, StockNews.com started coverage on Genco Shipping & Trading in a report on Thursday, March 31st. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $27.00.
Shares of GNK opened at $22.57 on Monday. Genco Shipping & Trading has a 52-week low of $13.21 and a 52-week high of $26.00. The firm has a fifty day simple moving average of $22.19. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.59 and a current ratio of 4.17. The company has a market cap of $950.22 million, a price-to-earnings ratio of 4.35 and a beta of 0.85.
A number of institutional investors and hedge funds have recently modified their holdings of GNK. Ensign Peak Advisors Inc bought a new position in shares of Genco Shipping & Trading in the fourth quarter valued at approximately $25,000. Macquarie Group Ltd. bought a new position in shares of Genco Shipping & Trading in the third quarter valued at approximately $62,000. Counterpoint Mutual Funds LLC bought a new position in shares of Genco Shipping & Trading in the first quarter valued at approximately $88,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Genco Shipping & Trading by 120.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,477 shares of the shipping company’s stock valued at $88,000 after acquiring an additional 2,988 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of Genco Shipping & Trading by 20.7% in the third quarter. BNP Paribas Arbitrage SA now owns 5,865 shares of the shipping company’s stock valued at $118,000 after acquiring an additional 1,007 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.
In other Genco Shipping & Trading news, insider Robert E. Hughes sold 10,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 8th. The stock was sold at an average price of $21.55, for a total transaction of $226,275.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John C. Wobensmith sold 10,090 shares of the business’s stock in a transaction that occurred on Wednesday, February 23rd. The stock was sold at an average price of $19.73, for a total value of $199,075.70. The disclosure for this sale can be found here. Insiders sold a total of 82,292 shares of company stock valued at $1,696,480 over the last ninety days. 2.07% of the stock is currently owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 24th. Stockholders of record on Monday, May 16th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 14.00%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.67. The ex-dividend date is Friday, May 13th. Genco Shipping & Trading’s payout ratio is currently 51.64%.
Genco Shipping & Trading Company Profile (Get Rating)
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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