Genco Shipping & Trading (NYSE:GNK) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Genco Shipping & Trading (NYSE:GNK) announced its quarterly earnings data on Wednesday. The shipping company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06, FiscalAI reports. The company had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $89.86 million. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.Genco Shipping & Trading’s revenue for the quarter was up 68.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.16) EPS.

Genco Shipping & Trading Trading Down 1.4%

GNK stock traded down $0.36 during trading on Wednesday, hitting $25.61. 405,674 shares of the company traded hands, compared to its average volume of 287,046. The firm has a market capitalization of $1.12 billion, a PE ratio of 67.39, a P/E/G ratio of 3.18 and a beta of 0.94. Genco Shipping & Trading has a 1 year low of $15.55 and a 1 year high of $27.25. The company has a 50-day moving average of $24.65 and a 200-day moving average of $23.47. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.98.

Analysts Set New Price Targets

GNK has been the subject of several research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.00 target price on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Alliance Global Partners restated a “neutral” rating on shares of Genco Shipping & Trading in a report on Wednesday, June 17th. Zacks Research raised shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings raised shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.67.

Institutional Trading of Genco Shipping & Trading

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Focus Partners Wealth grew its holdings in shares of Genco Shipping & Trading by 3.1% in the fourth quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock worth $15,385,000 after purchasing an additional 26,326 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Genco Shipping & Trading by 14.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock valued at $13,799,000 after buying an additional 96,703 shares during the period. Millennium Management LLC boosted its position in Genco Shipping & Trading by 100.3% during the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock valued at $10,013,000 after buying an additional 272,094 shares during the period. Bridgeway Capital Management LLC boosted its position in Genco Shipping & Trading by 0.9% during the 3rd quarter. Bridgeway Capital Management LLC now owns 456,157 shares of the shipping company’s stock valued at $8,120,000 after buying an additional 4,288 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Genco Shipping & Trading by 49.3% in the 1st quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock worth $3,957,000 after acquiring an additional 97,766 shares during the last quarter. Institutional investors own 58.62% of the company’s stock.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.