Genco Shipping & Trading (NYSE:GNK) Posts Earnings Results, Beats Expectations By $0.03 EPS

Genco Shipping & Trading (NYSE:GNK) issued its earnings results on Wednesday. The shipping company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03, Briefing.com reports. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The company had revenue of $117.44 million for the quarter, compared to the consensus estimate of $77.31 million. During the same period in the previous year, the firm earned $0.06 earnings per share. The firm’s revenue for the quarter was up 24.4% on a year-over-year basis.

Genco Shipping & Trading Stock Performance

GNK traded up $0.11 on Thursday, reaching $22.76. 330,463 shares of the stock were exchanged, compared to its average volume of 708,861. The company’s 50-day moving average price is $20.74 and its 200 day moving average price is $17.62. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70. The firm has a market capitalization of $973.04 million, a PE ratio of -73.06 and a beta of 1.11. Genco Shipping & Trading has a fifty-two week low of $12.39 and a fifty-two week high of $23.43.

Genco Shipping & Trading Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Wednesday, March 6th were given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 7.21%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, March 5th. Genco Shipping & Trading’s dividend payout ratio is presently -529.03%.

Insider Buying and Selling

In other news, CAO Joseph Adamo sold 1,396 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $20.40, for a total value of $28,478.40. Following the completion of the transaction, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO John C. Wobensmith sold 35,660 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $706,068.00. Following the sale, the chief executive officer now directly owns 466,684 shares of the company’s stock, valued at approximately $9,240,343.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Joseph Adamo sold 1,396 shares of Genco Shipping & Trading stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $20.40, for a total value of $28,478.40. Following the completion of the transaction, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The disclosure for this sale can be found here. Insiders sold 62,496 shares of company stock valued at $1,238,678 over the last quarter. 2.08% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GNK. StockNews.com downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Thursday, April 18th. Stifel Nicolaus boosted 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. TheStreet upgraded shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Thursday, February 22nd. Finally, Jefferies Financial Group upped their target price on Genco Shipping & Trading from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $23.33.

About Genco Shipping & Trading

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.