B. Riley Equities Analysts Raise Earnings Estimates for Genco Shipping & Trading Limited (NYSE:GNK)

Genco Shipping & Trading Limited (NYSE:GNK) – Analysts at B. Riley upped their Q3 2024 earnings estimates for Genco Shipping & Trading in a report released on Thursday, May 9th. B. Riley analyst L. Burke now expects that the shipping company will earn $0.20 per share for the quarter, up from their prior forecast of $0.14. The consensus estimate for Genco Shipping & Trading’s current full-year earnings is $1.93 per share. B. Riley also issued estimates for Genco Shipping & Trading’s Q4 2024 earnings at $0.56 EPS and FY2025 earnings at $1.84 EPS.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $117.44 million for 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%. Genco Shipping & Trading’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.06 earnings per share.

A number of other analysts have also recently issued reports on GNK. Jefferies Financial Group lifted their target price on shares of Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday. TheStreet upgraded shares of 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 report on Thursday, April 18th. Finally, Stifel Nicolaus upped their price target on Genco Shipping & Trading from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Genco Shipping & Trading currently has a consensus rating of “Hold” and a consensus target price of $23.33.

Genco Shipping & Trading Stock Up 0.2 %

GNK opened at $22.70 on Friday. The company has a market capitalization of $970.26 million, a PE ratio of -73.21 and a beta of 1.11. 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 has a fifty-two week low of $12.39 and a fifty-two week high of $23.43. The business has a 50-day moving average of $20.78 and a 200-day moving average of $17.66.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of hedge funds have recently made changes to their positions in GNK. Foundry Partners LLC bought a new stake in shares of Genco Shipping & Trading in the 1st quarter valued at approximately $3,812,000. Russell Investments Group Ltd. raised its stake in Genco Shipping & Trading by 7.7% during the first quarter. Russell Investments Group Ltd. now owns 87,157 shares of the shipping company’s stock worth $1,772,000 after acquiring an additional 6,253 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Genco Shipping & Trading during the first quarter valued at $361,000. SG Americas Securities LLC boosted its stake in shares of Genco Shipping & Trading by 73.7% in the 1st quarter. SG Americas Securities LLC now owns 135,665 shares of the shipping company’s stock valued at $2,758,000 after purchasing an additional 57,547 shares in the last quarter. Finally, Fifth Lane Capital LP bought a new stake in shares of Genco Shipping & Trading in the 1st quarter worth about $289,000. Institutional investors and hedge funds own 58.62% of the company’s stock.

Insider Buying and Selling

In other news, insider Jesper Christensen sold 12,404 shares of the firm’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 $245,599.20. Following the sale, the insider now owns 42,587 shares in the company, valued at $843,222.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Jesper Christensen sold 12,404 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $19.80, for a total value of $245,599.20. Following the completion of the sale, the insider now owns 42,587 shares in the company, valued at $843,222.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Joseph Adamo sold 1,396 shares of the business’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 in the company, valued at $367,077.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,496 shares of company stock valued at $1,238,678. Insiders own 2.08% of the company’s stock.

Genco Shipping & Trading Increases Dividend

The firm 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 is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.41. This represents a $1.68 dividend on an annualized basis and a dividend yield of 7.40%. Genco Shipping & Trading’s payout ratio is presently -529.03%.

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.