Genco Shipping & Trading (NYSE:GNK) Releases Earnings Results, Beats Expectations By $0.01 EPS

Genco Shipping & Trading (NYSE:GNK) announced its earnings results on Tuesday. The shipping company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01, Zacks reports. Genco Shipping & Trading had a negative return on equity of 0.62% and a negative net margin of 2.14%.The business had revenue of $109.92 million during the quarter, compared to the consensus estimate of $78.52 million.

Genco Shipping & Trading Stock Up 1.4%

Shares of GNK stock traded up $0.30 during trading on Tuesday, hitting $22.51. 367,848 shares of the company were exchanged, compared to its average volume of 351,441. The business’s 50-day simple moving average is $19.55 and its 200 day simple moving average is $18.10. Genco Shipping & Trading has a twelve month low of $11.20 and a twelve month high of $22.65. The firm has a market capitalization of $973.33 million, a price-to-earnings ratio of -132.41, a P/E/G ratio of 5.99 and a beta of 1.21. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.98 and a current ratio of 2.36.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of hedge funds have recently modified their holdings of the stock. ION Fund Management Ltd acquired a new stake in Genco Shipping & Trading during the fourth quarter valued at $672,000. Olympiad Research LP purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter worth about $247,000. Jump Financial LLC acquired a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at about $1,164,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Genco Shipping & Trading by 8.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,534 shares of the shipping company’s stock valued at $361,000 after buying an additional 1,599 shares during the last quarter. Finally, Weiss Asset Management LP bought a new stake in shares of Genco Shipping & Trading in the 4th quarter valued at approximately $491,000. 58.62% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on GNK. Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Weiss Ratings reissued a “hold (c-)” rating on shares of Genco Shipping & Trading in a research report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Buy” and an average price target of $21.00.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.