Genco Shipping & Trading Limited (NYSE:GNK) Expected to Announce Quarterly Sales of $105.92 Million

Wall Street analysts forecast that Genco Shipping & Trading Limited (NYSE:GNKGet Rating) will report $105.92 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Genco Shipping & Trading’s earnings, with the highest sales estimate coming in at $112.10 million and the lowest estimate coming in at $101.99 million. Genco Shipping & Trading posted sales of $84.31 million during the same quarter last year, which would indicate a positive year over year growth rate of 25.6%. The firm is expected to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Genco Shipping & Trading will report full-year sales of $437.16 million for the current year, with estimates ranging from $423.38 million to $452.90 million. For the next financial year, analysts expect that the firm will report sales of $411.48 million, with estimates ranging from $379.20 million to $429.21 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Genco Shipping & Trading.

Genco Shipping & Trading (NYSE:GNKGet Rating) last released its quarterly earnings results on Thursday, February 24th. The shipping company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.10. The firm had revenue of $146.67 million for the quarter, compared to the consensus estimate of $129.28 million. Genco Shipping & Trading had a return on equity of 25.50% and a net margin of 37.21%. During the same period last year, the business posted $0.22 EPS.

A number of equities analysts have recently issued reports on GNK shares. Jefferies Financial Group started coverage on Genco Shipping & Trading in a research note on Wednesday, April 27th. They issued a “buy” rating on the stock. B. Riley lifted their target price on Genco Shipping & Trading from $27.00 to $31.00 in a research report on Friday, May 6th. Zacks Investment Research downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, April 26th. TheStreet upgraded Genco Shipping & Trading from a “c” rating to a “b-” rating in a research report on Wednesday, February 2nd. Finally, StockNews.com upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating in a research report on Wednesday, May 18th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Buy” and a consensus target price of $27.00.

GNK stock opened at $25.22 on Friday. The company has a market cap of $1.06 billion, a P/E ratio of 4.86 and a beta of 0.85. Genco Shipping & Trading has a 1 year low of $13.21 and a 1 year high of $26.00. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.78 and a quick ratio of 2.16. The stock’s fifty day moving average price is $22.80 and its 200-day moving average price is $18.77.

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 24th. Stockholders of record on Monday, May 16th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 12.53%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.67. The ex-dividend date was Friday, May 13th. Genco Shipping & Trading’s payout ratio is 60.89%.

In other Genco Shipping & Trading news, CFO Apostolos Zafolias sold 1,430 shares of the business’s stock in a transaction that occurred on Friday, March 4th. The stock was sold at an average price of $20.26, for a total transaction of $28,971.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO John C. Wobensmith sold 9,932 shares of the business’s stock in a transaction that occurred on Friday, March 4th. The stock was sold at an average price of $20.22, for a total value of $200,825.04. The disclosure for this sale can be found here. Insiders sold 153,780 shares of company stock worth $3,666,104 over the last ninety days. Insiders own 2.07% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of GNK. Los Angeles Capital Management LLC grew its stake in shares of Genco Shipping & Trading by 137.8% during the fourth quarter. Los Angeles Capital Management LLC now owns 41,992 shares of the shipping company’s stock valued at $672,000 after buying an additional 24,333 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of Genco Shipping & Trading by 27.9% during the fourth quarter. Lazard Asset Management LLC now owns 6,202 shares of the shipping company’s stock valued at $99,000 after buying an additional 1,354 shares during the last quarter. Sweet Financial Partners LLC bought a new position in shares of Genco Shipping & Trading during the fourth quarter valued at approximately $200,000. Voya Investment Management LLC grew its stake in shares of Genco Shipping & Trading by 7.3% during the third quarter. Voya Investment Management LLC now owns 13,145 shares of the shipping company’s stock valued at $265,000 after buying an additional 899 shares during the last quarter. Finally, Citigroup Inc. grew its stake in shares of Genco Shipping & Trading by 13.4% during the third quarter. Citigroup Inc. now owns 17,825 shares of the shipping company’s stock valued at $359,000 after buying an additional 2,102 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Genco Shipping & Trading Company Profile (Get Rating)

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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