Genco Shipping & Trading (NYSE:GNK) Shares Gap Down After Earnings Miss

Genco Shipping & Trading Limited (NYSE:GNK)’s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $14.62, but opened at $14.01. Genco Shipping & Trading shares last traded at $14.60, with a volume of 230,884 shares changing hands.

The shipping company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The company had revenue of $67.95 million during the quarter, compared to the consensus estimate of $67.36 million.

Genco Shipping & Trading Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date of this dividend is Tuesday, March 11th. Genco Shipping & Trading’s dividend payout ratio is presently 101.91%.

Analyst Ratings Changes

A number of brokerages have recently commented on GNK. StockNews.com lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Jefferies Financial Group dropped their price target on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Institutional Investors Weigh In On Genco Shipping & Trading

Several institutional investors and hedge funds have recently bought and sold shares of the company. Banque Transatlantique SA bought a new position in shares of Genco Shipping & Trading in the fourth quarter worth about $28,000. R Squared Ltd bought a new position in shares of Genco Shipping & Trading in the fourth quarter worth about $29,000. New Age Alpha Advisors LLC bought a new position in Genco Shipping & Trading in the 4th quarter valued at approximately $56,000. Quarry LP raised its holdings in Genco Shipping & Trading by 535.8% in the 3rd quarter. Quarry LP now owns 4,266 shares of the shipping company’s stock valued at $83,000 after buying an additional 3,595 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in Genco Shipping & Trading in the 3rd quarter valued at approximately $202,000. Institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Trading Up 0.4 %

The business’s fifty day moving average is $14.32 and its 200-day moving average is $16.15. The firm has a market cap of $627.93 million, a P/E ratio of 9.35, a price-to-earnings-growth ratio of 5.69 and a beta of 0.97. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09.

Genco Shipping & Trading Company Profile

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. The company was founded on September 27, 2004 and is headquartered in New York, NY.