Analysts Issue Forecasts for Genco Shipping & Trading Limited’s FY2018 Earnings (GNK)

Genco Shipping & Trading Limited (NYSE:GNK) – Analysts at B. Riley boosted their FY2018 earnings estimates for Genco Shipping & Trading in a research note issued to investors 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 estimate 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.

A number of other brokerages have also recently commented on GNK. MED restated a “reduce” rating on shares of Genco Shipping & Trading in a research report on Tuesday, October 9th. Noble Financial set a $24.00 price target on Genco Shipping & Trading and gave the stock a “buy” rating in a research report on Thursday, July 19th. Finally, ValuEngine cut Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $18.81.

Shares of NYSE GNK opened at $10.40 on Friday. The company has a current ratio of 4.14, a quick ratio of 3.85 and a debt-to-equity ratio of 0.39. Genco Shipping & Trading has a 52 week low of $9.75 and a 52 week high of $20.07. The firm has a market capitalization of $435.41 million, a P/E ratio of -8.06 and a beta of 0.50.

Genco Shipping & Trading (NYSE:GNK) last posted 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. Genco Shipping & Trading had a positive return on equity of 1.12% and a negative net margin of 14.73%. The firm had revenue of $92.26 million for the quarter, compared to analysts’ expectations of $61.91 million.

Several hedge funds have recently made changes to their positions in GNK. Evermore Global Advisors LLC acquired a new stake in shares of Genco Shipping & Trading during the second quarter valued at about $28,182,000. Millennium Management LLC boosted its stake in shares of Genco Shipping & Trading by 391.0% during the second quarter. Millennium Management LLC now owns 826,870 shares of the shipping company’s stock valued at $12,816,000 after purchasing an additional 658,468 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Genco Shipping & Trading by 119.1% during the second quarter. Renaissance Technologies LLC now owns 612,530 shares of the shipping company’s stock valued at $9,494,000 after purchasing an additional 333,000 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Genco Shipping & Trading by 95.2% during the second quarter. BlackRock Inc. now owns 682,079 shares of the shipping company’s stock valued at $10,572,000 after purchasing an additional 332,725 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Genco Shipping & Trading by 216.4% during the second quarter. Dimensional Fund Advisors LP now owns 455,281 shares of the shipping company’s stock valued at $7,057,000 after purchasing an additional 311,378 shares in the last quarter. 87.65% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CEO John C. Wobensmith sold 12,210 shares of Genco Shipping & Trading stock in a transaction dated Monday, October 15th. The stock was sold at an average price of $12.73, for a total transaction of $155,433.30. Following the sale, the chief executive officer now directly owns 267,142 shares of the company’s stock, valued at $3,400,717.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John C. Wobensmith sold 20,817 shares of Genco Shipping & Trading stock in a transaction dated Wednesday, October 17th. The shares were sold at an average price of $12.24, for a total value of $254,800.08. Following the sale, the chief executive officer now directly owns 267,142 shares in the company, valued at $3,269,818.08. The disclosure for this sale can be found here. Company insiders own 1.23% of the company’s stock.

Genco Shipping & Trading Company Profile

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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