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

Genco Shipping & Trading (NYSE:GNK) released its earnings results on Wednesday. The shipping company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06, FiscalAI reports. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. The company had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $89.86 million. During the same quarter last year, the business earned ($0.16) EPS. The business’s revenue was up 68.5% on a year-over-year basis.

Genco Shipping & Trading Price Performance

GNK traded down $0.36 on Wednesday, hitting $25.61. 405,674 shares of the company were exchanged, compared to its average volume of 287,046. Genco Shipping & Trading has a fifty-two week low of $15.55 and a fifty-two week high of $27.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.98. The firm has a market capitalization of $1.12 billion, a P/E ratio of 67.39, a price-to-earnings-growth ratio of 3.18 and a beta of 0.94. The business’s fifty day moving average is $24.65 and its 200 day moving average is $23.47.

Wall Street Analysts Forecast Growth

GNK has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Genco Shipping & Trading in a report on Friday, May 8th. Alliance Global Partners reissued a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Zacks Research raised Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, Weiss Ratings upgraded Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. One investment 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.67.

Institutional Investors Weigh In On Genco Shipping & Trading

Several institutional investors have recently modified their holdings of GNK. Millennium Management LLC increased its stake 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 purchasing an additional 272,094 shares in the last quarter. First Trust Advisors LP grew its holdings in Genco Shipping & Trading by 705.9% in the third quarter. First Trust Advisors LP now owns 133,631 shares of the shipping company’s stock valued at $2,379,000 after purchasing an additional 117,049 shares during the last quarter. Credit Agricole S A acquired a new stake in Genco Shipping & Trading in the third quarter valued at $1,801,000. AQR Capital Management LLC increased its position in shares of Genco Shipping & Trading by 49.3% in the first quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company’s stock valued at $3,957,000 after buying an additional 97,766 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Genco Shipping & Trading by 14.8% in the fourth 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 in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

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.