B. Riley Issues Pessimistic Estimate for GNK Earnings

Genco Shipping & Trading Limited (NYSE:GNK) – Research analysts at B. Riley dropped their Q4 2024 earnings estimates for shares of Genco Shipping & Trading in a report issued on Thursday, November 7th. B. Riley analyst L. Burke now anticipates that the shipping company will post earnings per share of $0.34 for the quarter, down from their prior 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 issued its quarterly earnings data on Wednesday, November 6th. The shipping company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. 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 prior year, the business posted ($0.09) earnings per share. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year.

A number of other research analysts have also recently commented on GNK. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Stifel Nicolaus lowered shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Stock Performance

NYSE GNK opened at $17.43 on Friday. The stock has a fifty day simple moving average of $17.32 and a 200-day simple moving average of $19.41. 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 stock has a market cap of $745.27 million, a PE ratio of 11.10, a P/E/G ratio of 0.26 and a beta of 0.98. Genco Shipping & Trading has a twelve month low of $13.10 and a twelve month high of $23.43.

Hedge Funds Weigh In On Genco Shipping & Trading

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Foundry Partners LLC boosted its stake in shares of Genco Shipping & Trading by 41.2% in the 3rd quarter. Foundry Partners LLC now owns 336,460 shares of the shipping company’s stock valued at $6,561,000 after buying an additional 98,195 shares during the period. Intech Investment Management LLC acquired a new stake in Genco Shipping & Trading in the third quarter valued at approximately $202,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Genco Shipping & Trading by 37.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,039 shares of the shipping company’s stock worth $839,000 after acquiring an additional 11,707 shares during the last quarter. Empowered Funds LLC grew its holdings in Genco Shipping & Trading by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 255,775 shares of the shipping company’s stock worth $4,988,000 after acquiring an additional 12,998 shares in the last quarter. Finally, Royce & Associates LP increased its position in shares of Genco Shipping & Trading by 43.1% in the 3rd quarter. Royce & Associates LP now owns 482,687 shares of the shipping company’s stock valued at $9,412,000 after purchasing an additional 145,471 shares during the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

Genco Shipping & Trading Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 18th will be paid a $0.40 dividend. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date is Monday, November 18th. This represents a $1.60 annualized dividend and a dividend yield of 9.18%. Genco Shipping & Trading’s dividend payout ratio (DPR) is presently 101.91%.

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.