$63.35 Million in Sales Expected for Genco Shipping & Trading Limited (GNK) This Quarter

Analysts expect Genco Shipping & Trading Limited (NYSE:GNK) to report $63.35 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Genco Shipping & Trading’s earnings, with the lowest sales estimate coming in at $59.12 million and the highest estimate coming in at $65.66 million. Genco Shipping & Trading reported sales of $51.16 million during the same quarter last year, which suggests a positive year-over-year growth rate of 23.8%. The company is scheduled to announce its next quarterly earnings report on Wednesday, November 7th.

On average, analysts expect that Genco Shipping & Trading will report full year sales of $258.39 million for the current fiscal year, with estimates ranging from $246.45 million to $273.76 million. For the next fiscal year, analysts anticipate that the company will report sales of $296.48 million, with estimates ranging from $245.08 million to $322.88 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Genco Shipping & Trading.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, August 8th. The shipping company reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.04. Genco Shipping & Trading had a negative return on equity of 0.59% and a negative net margin of 29.58%. The firm had revenue of $86.16 million for the quarter, compared to analysts’ expectations of $59.97 million.

A number of research analysts have issued reports on GNK shares. ValuEngine cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Noble Financial reiterated a “buy” rating and issued a $23.00 target price on shares of Genco Shipping & Trading in a research report on Friday, August 10th. Zacks Investment Research cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, June 26th. Finally, B. Riley started coverage on Genco Shipping & Trading in a research report on Thursday. They issued a “buy” rating and a $22.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Genco Shipping & Trading has an average rating of “Buy” and an average target price of $18.81.

Genco Shipping & Trading stock traded up $0.05 during midday trading on Thursday, reaching $14.43. The company’s stock had a trading volume of 312,795 shares, compared to its average volume of 192,153. Genco Shipping & Trading has a 52 week low of $9.75 and a 52 week high of $20.07. The company has a quick ratio of 3.85, a current ratio of 4.14 and a debt-to-equity ratio of 0.39. The stock has a market cap of $581.66 million, a PE ratio of -11.19 and a beta of -0.07.

Several large investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its holdings in shares of Genco Shipping & Trading by 391.0% during the second quarter. Millennium Management LLC now owns 826,870 shares of the shipping company’s stock worth $12,816,000 after purchasing an additional 658,468 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Genco Shipping & Trading by 507.7% during the second quarter. Tower Research Capital LLC TRC now owns 24,307 shares of the shipping company’s stock worth $376,000 after purchasing an additional 20,307 shares during the last quarter. Alambic Investment Management L.P. bought a new stake in shares of Genco Shipping & Trading during the second quarter worth about $805,000. Laurion Capital Management LP bought a new stake in shares of Genco Shipping & Trading during the second quarter worth about $3,526,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Genco Shipping & Trading by 119.1% during the second quarter. Renaissance Technologies LLC now owns 612,530 shares of the shipping company’s stock worth $9,494,000 after purchasing an additional 333,000 shares during the last quarter. Institutional investors own 87.68% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ores, coal, grains, steel products, and other dry-bulk cargoes. The company charters its vessels primarily to trading houses, such as commodities traders; producers; and government-owned entities.

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