Genco Shipping & Trading (NYSE:GNK) Posts Earnings Results, Beats Expectations By $0.05 EPS

Genco Shipping & Trading (NYSE:GNK) released its earnings results on Wednesday. The shipping company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.60 by $0.05, FiscalAI reports. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%.The firm had revenue of $136.41 million during the quarter, compared to analyst estimates of $90.59 million. During the same period in the prior year, the firm posted ($0.16) earnings per share. The business’s quarterly revenue was up 68.5% compared to the same quarter last year.

Genco Shipping & Trading Stock Up 0.7%

Genco Shipping & Trading stock traded up $0.18 during midday trading on Friday, hitting $25.31. 390,684 shares of the company were exchanged, compared to its average volume of 386,866. The company’s fifty day moving average price is $24.67 and its 200-day moving average price is $23.51. The company has a market cap of $1.10 billion, a PE ratio of 27.81, a price-to-earnings-growth ratio of 3.13 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.98 and a quick ratio of 2.41. Genco Shipping & Trading has a fifty-two week low of $15.55 and a fifty-two week high of $27.25.

Genco Shipping & Trading Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 17th will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 12.6%. The ex-dividend date is Monday, August 17th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35. Genco Shipping & Trading’s dividend payout ratio (DPR) is 368.42%.

Institutional Trading of Genco Shipping & Trading

Hedge funds have recently made changes to their positions in the company. Focus Partners Wealth lifted its position in shares of Genco Shipping & Trading by 3.1% during 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Genco Shipping & Trading by 14.8% in 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 last quarter. Millennium Management LLC boosted its position in Genco Shipping & Trading by 100.3% in 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 last quarter. Bridgeway Capital Management LLC grew its stake in shares of Genco Shipping & Trading by 0.9% during the third quarter. Bridgeway Capital Management LLC now owns 456,157 shares of the shipping company’s stock valued at $8,120,000 after acquiring an additional 4,288 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Genco Shipping & Trading by 49.3% during the first 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. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on GNK. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Genco Shipping & Trading in a research report on Wednesday. B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a report on Friday. Zacks Research upgraded Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $29.00 price target on shares of Genco Shipping & Trading in a research note on Friday, May 8th. Finally, Alliance Global Partners reaffirmed a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Genco Shipping & Trading currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

Genco Shipping & Trading Company Profile

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.