Genco Shipping & Trading Limited Expected to Earn FY2018 Earnings of $0.60 Per Share (GNK)

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Genco Shipping & Trading Limited (NYSE:GNK) – Stock analysts at B. Riley boosted their FY2018 earnings estimates for shares of Genco Shipping & Trading in a report released on Thursday, November 8th. B. Riley analyst L. Burke now forecasts that the shipping company will post earnings of $0.60 per share for the year, up from their previous forecast of $0.55. B. Riley currently has a “Buy” rating and a $22.00 target price on the stock. B. Riley also issued estimates for Genco Shipping & Trading’s Q4 2018 earnings at $0.38 EPS and FY2019 earnings at $1.25 EPS.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, November 7th. The shipping company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The company had revenue of $92.26 million for the quarter, compared to analyst estimates of $61.91 million. Genco Shipping & Trading had a negative net margin of 29.58% and a negative return on equity of 0.59%.

GNK has been the topic of several other reports. ValuEngine upgraded shares of Genco Shipping & Trading from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 2nd. Noble Financial restated a “buy” rating on shares of Genco Shipping & Trading in a research note on Thursday, October 11th. Finally, MED restated a “reduce” rating on shares of Genco Shipping & Trading in a research note on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $18.81.

Genco Shipping & Trading stock opened at $10.40 on Friday. The stock has a market cap of $456.19 million, a PE ratio of -8.06 and a beta of 0.50. Genco Shipping & Trading has a fifty-two week low of $9.75 and a fifty-two week high of $20.07. The company has a current ratio of 4.14, a quick ratio of 3.85 and a debt-to-equity ratio of 0.39.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. ClariVest Asset Management LLC bought a new stake in Genco Shipping & Trading in the 3rd quarter valued at about $109,000. Prudential Financial Inc. bought a new stake in Genco Shipping & Trading in the 3rd quarter valued at about $191,000. SG Americas Securities LLC boosted its holdings in Genco Shipping & Trading by 598.8% in the 3rd quarter. SG Americas Securities LLC now owns 65,729 shares of the shipping company’s stock valued at $920,000 after purchasing an additional 56,323 shares during the period. Systematic Financial Management LP bought a new stake in Genco Shipping & Trading in the 3rd quarter valued at about $1,293,000. Finally, American Century Companies Inc. boosted its holdings in Genco Shipping & Trading by 396.1% in the 3rd quarter. American Century Companies Inc. now owns 260,082 shares of the shipping company’s stock valued at $3,641,000 after purchasing an additional 207,660 shares during the period. Institutional investors and hedge funds own 87.65% of the company’s stock.

In related news, CEO John C. Wobensmith sold 12,210 shares of the company’s stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $12.73, for a total value of $155,433.30. Following the transaction, the chief executive officer now owns 267,142 shares in the company, valued at approximately $3,400,717.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO John C. Wobensmith sold 20,817 shares of the company’s stock in a transaction dated Wednesday, October 17th. The shares were sold at an average price of $12.24, for a total transaction of $254,800.08. Following the completion of the transaction, the chief executive officer now owns 267,142 shares in the company, valued at approximately $3,269,818.08. The disclosure for this sale can be found here. 1.23% of the stock is currently owned by corporate insiders.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ores, coal, grains, steel products, and other dry-bulk cargoes. The company charters its vessels primarily to trading houses, such as commodities traders; producers; and government-owned entities.

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Earnings History and Estimates for Genco Shipping & Trading (NYSE:GNK)

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