Genco Shipping & Trading (NYSE:GNK) Releases Earnings Results

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

Genco Shipping & Trading Stock Down 0.1 %

Genco Shipping & Trading stock traded down $0.03 during mid-day trading on Friday, reaching $22.68. The stock had a trading volume of 112,210 shares, compared to its average volume of 710,439. 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 company has a market capitalization of $969.62 million, a price-to-earnings ratio of -73.21 and a beta of 1.11. Genco Shipping & Trading has a one year low of $12.39 and a one year high of $23.43. The company has a 50-day moving average price of $20.78 and a two-hundred day moving average price of $17.66.

Genco Shipping & Trading Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 22nd will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Tuesday, May 21st. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.41. This represents a $1.68 annualized dividend and a dividend yield of 7.41%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently -529.03%.

Insider Transactions at Genco Shipping & Trading

In other Genco Shipping & Trading news, CFO Peter George Allen sold 7,036 shares of Genco Shipping & Trading stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total value of $139,312.80. Following the completion of the sale, the chief financial officer now owns 35,518 shares of the company’s stock, valued at approximately $703,256.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Peter George Allen sold 7,036 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $139,312.80. Following the sale, the chief financial officer now owns 35,518 shares in the company, valued at $703,256.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jesper Christensen sold 12,404 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $245,599.20. Following the sale, the insider now owns 42,587 shares of the company’s stock, valued at $843,222.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,496 shares of company stock worth $1,238,678. Corporate insiders own 2.08% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on GNK. Jefferies Financial Group boosted their price target on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday. TheStreet upgraded Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Thursday, February 22nd. Stifel Nicolaus raised their price objective on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Finally, StockNews.com lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, 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.