B. Riley Expects Lower Earnings for Genco Shipping & Trading

Genco Shipping & Trading Limited (NYSE:GNK) – Equities researchers at B. Riley cut their Q4 2024 earnings estimates for Genco Shipping & Trading in a report released on Thursday, November 7th. B. Riley analyst L. Burke now expects that the shipping company will post earnings per share of $0.34 for the quarter, down from their previous forecast of $0.48. The consensus estimate for Genco Shipping & Trading’s current full-year earnings is $1.79 per share.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. The firm had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.49%. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.09) earnings per share.

Several other research firms have also commented on GNK. Jefferies Financial Group restated a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a research report on Thursday. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their target price for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Trading Down 0.7 %

Shares of NYSE:GNK opened at $17.43 on Friday. The company has a current ratio of 3.59, a quick ratio of 2.94 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $745.27 million, a PE ratio of 11.10, a PEG ratio of 0.26 and a beta of 0.98. The business has a 50 day moving average of $17.32 and a two-hundred day moving average of $19.41. Genco Shipping & Trading has a 12-month low of $13.10 and a 12-month high of $23.43.

Hedge Funds Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently made changes to their positions in the company. Moors & Cabot Inc. boosted its position in Genco Shipping & Trading by 2.0% during the second quarter. Moors & Cabot Inc. now owns 31,404 shares of the shipping company’s stock worth $669,000 after acquiring an additional 628 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings in shares of Genco Shipping & Trading by 1.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 54,318 shares of the shipping company’s stock worth $1,158,000 after purchasing an additional 682 shares during the last quarter. CWM LLC grew its position in shares of Genco Shipping & Trading by 109.5% in the second quarter. CWM LLC now owns 1,909 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 998 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Genco Shipping & Trading by 12.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,453 shares of the shipping company’s stock valued at $244,000 after purchasing an additional 1,279 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Genco Shipping & Trading by 7.6% during the second quarter. Point72 Asset Management L.P. now owns 18,300 shares of the shipping company’s stock worth $390,000 after buying an additional 1,300 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Increases Dividend

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

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.