Zacks: Analysts Expect Genco Shipping & Trading Limited (GNK) Will Post Quarterly Sales of $73.87 Million
Equities analysts expect Genco Shipping & Trading Limited (NYSE:GNK) to report sales of $73.87 million for the current quarter, Zacks reports. Five analysts have made estimates for Genco Shipping & Trading’s earnings, with the highest sales estimate coming in at $81.95 million and the lowest estimate coming in at $68.40 million. Genco Shipping & Trading posted sales of $74.92 million in the same quarter last year, which suggests a negative year over year growth rate of 1.4%. The company is expected to issue its next earnings report on Tuesday, February 26th.
On average, analysts expect that Genco Shipping & Trading will report full-year sales of $251.83 million for the current year, with estimates ranging from $245.20 million to $258.90 million. For the next financial year, analysts anticipate that the business will post sales of $287.53 million, with estimates ranging from $238.53 million to $321.75 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Genco Shipping & Trading.
Genco Shipping & Trading (NYSE:GNK) last issued its earnings results on Wednesday, November 7th. The shipping company reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.01. The business had revenue of $92.26 million during the quarter, compared to analyst estimates of $61.91 million. Genco Shipping & Trading had a positive return on equity of 1.11% and a negative net margin of 14.73%.
In related news, CEO John C. Wobensmith sold 20,817 shares of the business’s stock in a transaction on Wednesday, October 17th. The stock was sold at an average price of $12.24, for a total transaction of $254,800.08. Following the transaction, the chief executive officer now directly owns 267,142 shares in the company, valued at approximately $3,269,818.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO John C. Wobensmith sold 12,210 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 267,142 shares in the company, valued at $3,400,717.66. The disclosure for this sale can be found here. Insiders own 1.23% of the company’s stock.
A number of hedge funds have recently made changes to their positions in GNK. Evermore Global Advisors LLC purchased a new position in Genco Shipping & Trading during the 2nd quarter worth $28,182,000. Millennium Management LLC grew its stake in Genco Shipping & Trading by 391.0% during the 2nd quarter. Millennium Management LLC now owns 826,870 shares of the shipping company’s stock worth $12,816,000 after buying an additional 658,468 shares during the last quarter. Renaissance Technologies LLC grew its stake in Genco Shipping & Trading by 119.1% during the 2nd quarter. Renaissance Technologies LLC now owns 612,530 shares of the shipping company’s stock worth $9,494,000 after buying an additional 333,000 shares during the last quarter. BlackRock Inc. grew its stake in Genco Shipping & Trading by 95.2% during the 2nd quarter. BlackRock Inc. now owns 682,079 shares of the shipping company’s stock worth $10,572,000 after buying an additional 332,725 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Genco Shipping & Trading by 216.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 455,281 shares of the shipping company’s stock worth $7,057,000 after buying an additional 311,378 shares during the last quarter. Hedge funds and other institutional investors own 86.26% of the company’s stock.
Shares of GNK traded down $0.46 during trading hours on Thursday, hitting $8.26. The company had a trading volume of 489,953 shares, compared to its average volume of 211,613. The firm has a market cap of $373.55 million, a price-to-earnings ratio of -6.40 and a beta of 0.50. 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 one year low of $8.18 and a one year high of $20.07.
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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