Research Analysts Issue Forecasts for Genco Shipping & Trading Limited’s Q3 2024 Earnings (NYSE:GNK)

Genco Shipping & Trading Limited (NYSE:GNK) – Equities research analysts at B. Riley lifted their Q3 2024 EPS estimates for Genco Shipping & Trading in a report released on Thursday, May 9th. B. Riley analyst L. Burke now anticipates that the shipping company will earn $0.20 per share for the quarter, up from their prior estimate 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, beating the consensus estimate of $0.46 by $0.03. 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 business’s revenue was up 24.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.06 earnings per share.

Several other equities research analysts also recently commented on the company. Jefferies Financial Group boosted their price objective on Genco Shipping & Trading from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday. TheStreet upgraded shares of Genco Shipping & Trading from a “c” rating to a “b-” rating in a research note on Thursday, February 22nd. StockNews.com lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Finally, Stifel Nicolaus lifted their price objective on shares of Genco Shipping & Trading from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $23.33.

Genco Shipping & Trading Stock Performance

Shares of Genco Shipping & Trading stock opened at $22.70 on Friday. The business has a 50-day simple moving average of $20.78 and a 200 day simple moving average of $17.66. The firm has a market capitalization of $970.26 million, a price-to-earnings 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 one year low of $12.39 and a one year high of $23.43.

Genco Shipping & Trading Increases Dividend

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

Insider Activity

In other Genco Shipping & Trading news, insider Jesper Christensen sold 12,404 shares of the company’s 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 directly owns 42,587 shares of the company’s stock, valued at approximately $843,222.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Peter George Allen sold 7,036 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $19.80, for a total transaction of $139,312.80. Following the completion of the transaction, the chief financial officer now directly owns 35,518 shares of the company’s stock, valued at approximately $703,256.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jesper Christensen sold 12,404 shares of Genco Shipping & Trading stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $19.80, for a total transaction of $245,599.20. Following the completion of the sale, the insider now directly owns 42,587 shares in the company, valued at approximately $843,222.60. The disclosure for this sale can be found here. Insiders sold a total of 62,496 shares of company stock worth $1,238,678 over the last quarter. Insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of Genco Shipping & Trading by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,714,503 shares of the shipping company’s stock valued at $45,033,000 after purchasing an additional 30,203 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Genco Shipping & Trading by 6,233.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,945 shares of the shipping company’s stock valued at $24,395,000 after acquiring an additional 1,181,000 shares during the period. Townsend & Associates Inc boosted its holdings in shares of Genco Shipping & Trading by 0.8% in the first quarter. Townsend & Associates Inc now owns 1,012,860 shares of the shipping company’s stock worth $21,392,000 after acquiring an additional 8,434 shares during the period. Cowen AND Company LLC purchased a new position in shares of Genco Shipping & Trading in the third quarter valued at $11,733,000. Finally, American Century Companies Inc. lifted its holdings in Genco Shipping & Trading by 9.1% during the 3rd quarter. American Century Companies Inc. now owns 681,087 shares of the shipping company’s stock worth $9,528,000 after purchasing an additional 56,837 shares in the last quarter. 58.62% of the stock is owned by institutional investors.

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.