Zacks: Analysts Expect Genco Shipping & Trading Limited (NYSE:GNK) Will Announce Quarterly Sales of $35.54 Million

Brokerages forecast that Genco Shipping & Trading Limited (NYSE:GNK) will post $35.54 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Genco Shipping & Trading’s earnings, with the lowest sales estimate coming in at $33.13 million and the highest estimate coming in at $37.94 million. Genco Shipping & Trading posted sales of $41.75 million in the same quarter last year, which suggests a negative year over year growth rate of 14.9%. The business is scheduled to issue its next earnings report on Wednesday, August 5th.

On average, analysts expect that Genco Shipping & Trading will report full-year sales of $197.34 million for the current year, with estimates ranging from $186.10 million to $208.58 million. For the next year, analysts forecast that the business will report sales of $219.04 million. Zacks’ sales calculations are an average based on a survey of analysts that cover Genco Shipping & Trading.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, May 6th. The shipping company reported ($0.17) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.13. Genco Shipping & Trading had a negative net margin of 42.74% and a negative return on equity of 2.80%. The business had revenue of $49.97 million for the quarter, compared to analyst estimates of $43.36 million.

GNK has been the topic of a number of research reports. DNB Markets lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and set a $10.00 target price on the stock. in a research report on Monday, March 9th. B. Riley reissued a “buy” rating and issued a $11.00 price target on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Zacks Investment Research raised shares of Genco Shipping & Trading from a “sell” rating to a “hold” rating in a report on Monday. Evercore ISI reissued a “market perform” rating and issued a $9.00 price target on shares of Genco Shipping & Trading in a report on Friday, May 29th. Finally, ValuEngine raised shares of Genco Shipping & Trading from a “hold” rating to a “buy” rating in a report on Friday, May 1st. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Genco Shipping & Trading has a consensus rating of “Hold” and a consensus price target of $10.42.

Shares of GNK stock opened at $6.28 on Wednesday. Genco Shipping & Trading has a 1 year low of $4.27 and a 1 year high of $11.82. The firm’s fifty day simple moving average is $5.79 and its 200 day simple moving average is $7.13. The firm has a market capitalization of $250.81 million, a P/E ratio of -1.56 and a beta of 0.71. The company has a current ratio of 1.95, a quick ratio of 1.70 and a debt-to-equity ratio of 0.49.

Several institutional investors and hedge funds have recently bought and sold shares of GNK. Hawk Ridge Capital Management LP bought a new stake in shares of Genco Shipping & Trading in the 4th quarter worth about $6,581,000. Valueworks LLC lifted its position in Genco Shipping & Trading by 180.6% during the 4th quarter. Valueworks LLC now owns 154,339 shares of the shipping company’s stock worth $584,000 after buying an additional 99,339 shares in the last quarter. Parametric Portfolio Associates LLC acquired a new position in Genco Shipping & Trading during the 1st quarter worth about $550,000. Renaissance Technologies LLC lifted its position in Genco Shipping & Trading by 51.4% during the 4th quarter. Renaissance Technologies LLC now owns 243,330 shares of the shipping company’s stock worth $2,584,000 after buying an additional 82,600 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Genco Shipping & Trading by 50.7% during the 1st quarter. Nuveen Asset Management LLC now owns 185,448 shares of the shipping company’s stock worth $1,190,000 after buying an additional 62,383 shares in the last quarter. 81.00% of the stock is currently owned by institutional investors and hedge funds.

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 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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