Equities analysts expect Genco Shipping & Trading Limited (NYSE:GNK) to post sales of $58.15 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Genco Shipping & Trading’s earnings. The lowest sales estimate is $58.14 million and the highest is $58.15 million. Genco Shipping & Trading posted sales of $63.45 million during the same quarter last year, which would indicate a negative year over year growth rate of 8.4%. The business is scheduled to announce its next earnings results after the market closes on Wednesday, February 24th.
On average, analysts expect that Genco Shipping & Trading will report full year sales of $194.67 million for the current financial year, with estimates ranging from $194.66 million to $194.67 million. For the next fiscal year, analysts forecast that the business will report sales of $218.19 million, with estimates ranging from $197.75 million to $238.62 million. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Genco Shipping & Trading.
GNK has been the subject of several research reports. Jefferies Financial Group increased their price objective on Genco Shipping & Trading from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, January 29th. Zacks Investment Research upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating and set a $9.00 price target on the stock in a research report on Wednesday, February 3rd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $9.78.
In other news, major shareholder Strategic Value Partners, Llc sold 6,902,062 shares of the company’s stock in a transaction dated Tuesday, January 12th. The shares were sold at an average price of $8.22, for a total transaction of $56,734,949.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Cayman Gp Ltd. Ccp II sold 20,000 shares of the company’s stock in a transaction dated Thursday, December 24th. The shares were sold at an average price of $7.20, for a total transaction of $144,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,188,983 shares of company stock worth $67,474,388. Corporate insiders own 1.76% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in GNK. BNP Paribas Arbitrage SA raised its position in shares of Genco Shipping & Trading by 352.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 3,897 shares of the shipping company’s stock valued at $27,000 after buying an additional 3,036 shares in the last quarter. JPMorgan Chase & Co. raised its position in Genco Shipping & Trading by 19.4% in the 4th quarter. JPMorgan Chase & Co. now owns 7,614 shares of the shipping company’s stock worth $56,000 after purchasing an additional 1,236 shares during the period. Bank of America Corp DE raised its position in Genco Shipping & Trading by 47.2% in the 2nd quarter. Bank of America Corp DE now owns 13,383 shares of the shipping company’s stock worth $83,000 after purchasing an additional 4,290 shares during the period. ExodusPoint Capital Management LP purchased a new stake in Genco Shipping & Trading in the 4th quarter worth about $87,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Genco Shipping & Trading in the 3rd quarter worth about $97,000. Hedge funds and other institutional investors own 79.59% of the company’s stock.
Shares of GNK stock traded down $0.47 during trading on Tuesday, hitting $9.91. The company’s stock had a trading volume of 421,874 shares, compared to its average volume of 1,045,156. The business has a fifty day moving average of $8.67 and a 200-day moving average of $7.55. Genco Shipping & Trading has a 52 week low of $4.27 and a 52 week high of $10.95. The company has a market cap of $414.26 million, a PE ratio of -2.75 and a beta of 0.91. The company has a current ratio of 1.96, a quick ratio of 1.77 and a debt-to-equity ratio of 0.47.
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 ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.
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