Genco Shipping & Trading (NYSE:GNK) Issues Quarterly 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 the consensus estimate of $0.46 by $0.03, Briefing.com reports. The firm had revenue of $117.44 million during the quarter, compared to the consensus estimate of $77.31 million. Genco Shipping & Trading had a negative net margin of 3.35% and a positive return on equity of 3.10%. The company’s revenue was up 24.4% on a year-over-year basis. During the same quarter last year, the company earned $0.06 earnings per share.

Genco Shipping & Trading Stock Performance

Shares of NYSE:GNK traded up $0.06 during mid-day trading on Thursday, reaching $22.71. 934,667 shares of the company traded hands, compared to its average volume of 715,757. The company’s 50 day moving average price is $20.74 and its 200-day moving average price is $17.62. The firm has a market cap of $970.90 million, a PE ratio of -73.06 and a beta of 1.11. Genco Shipping & Trading has a 52 week low of $12.39 and a 52 week high of $23.43. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.46 and a quick ratio of 3.70.

Genco Shipping & Trading Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 22nd will be paid a $0.42 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.68 annualized dividend and a dividend yield of 7.40%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.41. Genco Shipping & Trading’s dividend payout ratio (DPR) is -529.03%.

Analysts Set New Price Targets

Several research firms have weighed in on GNK. TheStreet raised Genco Shipping & Trading from a “c” rating to a “b-” rating in a report on Thursday, February 22nd. StockNews.com lowered Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Jefferies Financial Group upped their price target on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday. Finally, Stifel Nicolaus upped their target price on Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $23.33.

Insiders Place Their Bets

In other Genco Shipping & Trading news, CAO Joseph Adamo sold 1,396 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $20.40, for a total transaction of $28,478.40. Following the sale, the chief accounting officer now directly owns 17,994 shares of the company’s stock, valued at $367,077.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Genco Shipping & Trading news, CFO Peter George Allen sold 7,036 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 value of $139,312.80. Following the sale, the chief financial officer now owns 35,518 shares in the company, valued at approximately $703,256.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Joseph Adamo sold 1,396 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $20.40, for a total value of $28,478.40. Following the transaction, the chief accounting officer now owns 17,994 shares of the company’s stock, valued at approximately $367,077.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,496 shares of company stock worth $1,238,678. Company insiders own 2.08% of the company’s stock.

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.