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

Genco Shipping & Trading (NYSE:GNK) posted its earnings results on Wednesday. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41, Briefing.com reports. Genco Shipping & Trading had a return on equity of 8.49% and a net margin of 15.63%. The company had revenue of $99.33 million during the quarter, compared to analyst estimates of $72.02 million. During the same period in the previous year, the company earned ($0.09) EPS. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year.

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK traded down $0.12 during mid-day trading on Friday, reaching $17.43. 476,474 shares of the company were exchanged, compared to its average volume of 440,628. The stock has a market capitalization of $745.27 million, a P/E ratio of 11.11, a P/E/G ratio of 0.26 and a beta of 0.98. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10. Genco Shipping & Trading has a twelve month low of $13.10 and a twelve month high of $23.43. The company’s 50-day simple moving average is $17.32 and its 200-day simple moving average is $19.42.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 18th will be paid a dividend of $0.40 per share. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. This represents a $1.60 annualized dividend and a dividend yield of 9.18%. The ex-dividend date is Monday, November 18th. Genco Shipping & Trading’s payout ratio is currently 101.91%.

Analysts Set New Price Targets

GNK has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective for the company. Jefferies Financial Group reissued a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday. Finally, Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their price target for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $24.20.

Genco Shipping & Trading Company Profile

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.