Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (GNK) Issues Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (NYSE:GNK) issued its quarterly earnings results on Monday. The shipping company reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by $0.07. Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) had a negative net margin of 191.18% and a negative return on equity of 16.72%. The firm had revenue of $38.25 million for the quarter, compared to analyst estimates of $39.31 million.

Shares of Genco Shipping & Trading Limited Ordinary Shares New (NYSE:GNK) traded up 8.13% during mid-day trading on Friday, reaching $10.64. The company had a trading volume of 224,540 shares. The firm has a 50-day moving average of $11.64 and a 200-day moving average of $9.78. Genco Shipping & Trading Limited Ordinary Shares New has a 12-month low of $3.62 and a 12-month high of $14.99. The company’s market capitalization is $356.39 million.

Earnings History for Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (NYSE:GNK)

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Several large investors have recently made changes to their positions in the company. Apollo Management Holdings L.P. boosted its stake in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) by 428.9% in the first quarter. Apollo Management Holdings L.P. now owns 5,415,805 shares of the shipping company’s stock worth $67,698,000 after buying an additional 4,391,751 shares during the last quarter. Q Global Advisors LLC bought a new position in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) during the first quarter worth about $20,469,000. Horseman Capital Management Ltd bought a new position in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) during the first quarter worth about $4,276,000. Renaissance Technologies LLC bought a new position in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) during the first quarter worth about $1,989,000. Finally, Brookfield Asset Management Inc. bought a new position in Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) during the fourth quarter worth about $1,107,000. 50.72% of the stock is owned by hedge funds and other institutional investors.

GNK has been the subject of several recent analyst reports. Jefferies Group LLC increased their price target on Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) from $19.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, May 10th. Zacks Investment Research raised Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research report on Wednesday, May 3rd. Seaport Global Securities upgraded Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Wednesday, May 10th. They noted that the move was a valuation call. Clarkson Capital began coverage on Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) in a research note on Tuesday, April 4th. They issued a “buy” rating and a $17.00 price target on the stock. Finally, Morgan Stanley upgraded Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $5.00 to $13.00 in a research note on Tuesday, March 28th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $16.00.

5 Day Chart for NYSE:GNK

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