FY2023 Earnings Estimate for Genco Shipping & Trading Limited (NYSE:GNK) Issued By B. Riley

Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) – Analysts at B. Riley lifted their FY2023 EPS estimates for Genco Shipping & Trading in a note issued to investors on Thursday, May 4th. B. Riley analyst L. Burke now anticipates that the shipping company will earn $2.11 per share for the year, up from their prior estimate of $2.07. The consensus estimate for Genco Shipping & Trading’s current full-year earnings is $1.76 per share.

GNK has been the subject of a number of other reports. Jefferies Financial Group reiterated a “buy” rating and set a $20.00 price target on shares of Genco Shipping & Trading in a research report on Thursday, February 23rd. StockNews.com assumed coverage on shares of Genco Shipping & Trading in a research report on Thursday, March 16th. They set a “hold” rating for the company. Stifel Nicolaus raised their price objective on shares of Genco Shipping & Trading from $23.00 to $24.00 in a research note on Tuesday, April 25th. Finally, TheStreet lowered shares of Genco Shipping & Trading from a “b” rating to a “c+” rating in a research note on Monday, March 13th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Genco Shipping & Trading Price Performance

Shares of GNK opened at $13.90 on Monday. Genco Shipping & Trading has a 1-year low of $11.92 and a 1-year high of $27.15. The stock has a market cap of $590.89 million, a PE ratio of 5.00 and a beta of 1.06. The firm has a 50-day simple moving average of $16.08 and a two-hundred day simple moving average of $15.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.14 and a quick ratio of 2.84.

Genco Shipping & Trading (NYSE:GNK – Get Rating) last announced its quarterly earnings data on Wednesday, May 3rd. The shipping company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.08). Genco Shipping & Trading had a net margin of 24.14% and a return on equity of 12.64%. The firm had revenue of $53.40 million during the quarter, compared to analysts’ expectations of $55.97 million. During the same period in the prior year, the company posted $0.97 EPS. The company’s revenue for the quarter was down 41.2% compared to the same quarter last year.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors have recently bought and sold shares of GNK. Raymond James & Associates acquired a new position in Genco Shipping & Trading in the 1st quarter valued at $276,000. Bank of New York Mellon Corp increased its stake in Genco Shipping & Trading by 17.1% in the 1st quarter. Bank of New York Mellon Corp now owns 173,010 shares of the shipping company’s stock valued at $4,085,000 after buying an additional 25,300 shares during the period. Acadian Asset Management LLC acquired a new position in Genco Shipping & Trading in the 1st quarter valued at $26,000. LSV Asset Management boosted its position in shares of Genco Shipping & Trading by 85.9% during the 1st quarter. LSV Asset Management now owns 100,900 shares of the shipping company’s stock worth $2,383,000 after purchasing an additional 46,632 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Genco Shipping & Trading by 9.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,916,725 shares of the shipping company’s stock worth $45,272,000 after purchasing an additional 164,117 shares in the last quarter. 67.67% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO John C. Wobensmith sold 17,760 shares of Genco Shipping & Trading stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $19.35, for a total value of $343,656.00. Following the transaction, the chief executive officer now directly owns 416,859 shares of the company’s stock, valued at approximately $8,066,221.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO John C. Wobensmith sold 17,760 shares of Genco Shipping & Trading stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $19.35, for a total value of $343,656.00. Following the transaction, the chief executive officer now directly owns 416,859 shares of the company’s stock, valued at approximately $8,066,221.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Apostolos Zafolias sold 2,266 shares of Genco Shipping & Trading stock in a transaction on Monday, February 27th. The shares were sold at an average price of $19.39, for a total transaction of $43,937.74. Following the completion of the transaction, the chief financial officer now directly owns 23,152 shares in the company, valued at $448,917.28. The disclosure for this sale can be found here. Insiders have sold 41,982 shares of company stock valued at $813,285 in the last ninety days. 2.50% of the stock is currently owned by company insiders.

Genco Shipping & Trading Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 23rd. Stockholders of record on Tuesday, May 16th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, May 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.32%. Genco Shipping & Trading’s payout ratio is 71.94%.

About Genco Shipping & Trading

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Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products and other drybulk cargoes. It operates through the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels segment.