Brokerages expect Genco Shipping & Trading Limited (NYSE:GNK) to announce sales of $73.87 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Genco Shipping & Trading’s earnings, with the lowest sales estimate coming in at $68.40 million and the highest estimate coming in at $81.95 million. Genco Shipping & Trading posted sales of $74.92 million in the same quarter last year, which would indicate a negative year over year growth rate of 1.4%. The company is scheduled to issue its next quarterly earnings results on Tuesday, February 26th.
According to Zacks, analysts expect that Genco Shipping & Trading will report full-year sales of $251.83 million for the current fiscal year, with estimates ranging from $245.20 million to $258.90 million. For the next financial year, analysts forecast that the business will report sales of $287.53 million, with estimates ranging from $238.53 million to $321.75 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Genco Shipping & Trading.
Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 7th. The shipping company reported $0.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.01. The company had revenue of $92.26 million for the quarter, compared to analysts’ expectations of $61.91 million. Genco Shipping & Trading had a positive return on equity of 1.11% and a negative net margin of 14.73%.
Several analysts have recently weighed in on GNK shares. B. Riley started coverage on Genco Shipping & Trading in a report on Thursday, October 4th. They set a “buy” rating and a $22.00 price target on the stock. ValuEngine cut Genco Shipping & Trading from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 14th. Noble Financial reiterated a “buy” rating and issued a $23.00 target price on shares of Genco Shipping & Trading in a report on Friday, August 10th. Finally, MED reiterated a “reduce” rating on shares of Genco Shipping & Trading in a report on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $19.36.
NYSE:GNK opened at $8.09 on Friday. The stock has a market cap of $352.73 million, a PE ratio of -6.27 and a beta of 0.43. The company has a current ratio of 2.16, a quick ratio of 1.89 and a debt-to-equity ratio of 0.47. Genco Shipping & Trading has a 1-year low of $8.05 and a 1-year high of $20.07.
In related news, CEO John C. Wobensmith sold 12,210 shares of the company’s stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $12.73, for a total value of $155,433.30. Following the sale, the chief executive officer now directly owns 267,142 shares in the company, valued at $3,400,717.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John C. Wobensmith sold 20,817 shares of the company’s stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $12.24, for a total value of $254,800.08. Following the completion of the sale, the chief executive officer now owns 267,142 shares in the company, valued at $3,269,818.08. The disclosure for this sale can be found here. Corporate insiders own 1.23% of the company’s stock.
A number of hedge funds have recently made changes to their positions in GNK. Royal Bank of Canada boosted its holdings in Genco Shipping & Trading by 2,887.7% in the first quarter. Royal Bank of Canada now owns 14,550 shares of the shipping company’s stock valued at $207,000 after acquiring an additional 14,063 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Genco Shipping & Trading during the 2nd quarter worth approximately $249,000. Engineers Gate Manager LP boosted its holdings in shares of Genco Shipping & Trading by 212.5% during the 2nd quarter. Engineers Gate Manager LP now owns 44,276 shares of the shipping company’s stock worth $686,000 after buying an additional 30,109 shares in the last quarter. EAM Investors LLC bought a new position in shares of Genco Shipping & Trading during the 2nd quarter worth approximately $683,000. Finally, EAM Global Investors LLC bought a new position in shares of Genco Shipping & Trading during the 2nd quarter worth approximately $863,000. Institutional investors and hedge funds own 88.20% 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, 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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