$73.87 Million in Sales Expected for Genco Shipping & Trading Limited (GNK) This Quarter

Brokerages expect Genco Shipping & Trading Limited (NYSE:GNK) to announce sales of $73.87 million for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Genco Shipping & Trading’s earnings, with the highest sales estimate coming in at $81.95 million and the lowest estimate coming in at $68.40 million. Genco Shipping & Trading posted sales of $74.92 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 1.4%. The company is scheduled to report its next earnings results on Tuesday, February 26th.

According to Zacks, analysts expect that Genco Shipping & Trading will report full year sales of $251.83 million for the current fiscal year, with estimates ranging from $245.20 million to $258.90 million. For the next financial year, analysts forecast that the business will post sales of $287.53 million, with estimates ranging from $238.53 million to $321.75 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Genco Shipping & Trading.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 7th. The shipping company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The firm had revenue of $92.26 million during the quarter, compared to analyst estimates of $61.91 million. Genco Shipping & Trading had a negative net margin of 14.73% and a positive return on equity of 1.11%.

A number of research analysts have recently commented on the stock. Noble Financial restated a “buy” rating on shares of Genco Shipping & Trading in a research report on Thursday, October 11th. B. Riley assumed coverage on shares of Genco Shipping & Trading in a research report on Thursday, October 4th. They set a “buy” rating and a $22.00 price target for the company. Finally, restated a “reduce” rating on shares of Genco Shipping & Trading in a research report on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $19.36.

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

Hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC lifted its holdings in shares of Genco Shipping & Trading by 391.0% during the 2nd quarter. Millennium Management LLC now owns 826,870 shares of the shipping company’s stock worth $12,816,000 after acquiring an additional 658,468 shares during the last quarter. Alambic Investment Management L.P. bought a new stake in shares of Genco Shipping & Trading during the 2nd quarter worth $805,000. Royal Bank of Canada lifted its holdings in shares of Genco Shipping & Trading by 2,887.7% during the 1st quarter. Royal Bank of Canada now owns 14,550 shares of the shipping company’s stock worth $207,000 after acquiring an additional 14,063 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Genco Shipping & Trading by 507.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 24,307 shares of the shipping company’s stock worth $376,000 after acquiring an additional 20,307 shares during the last quarter. Finally, Evermore Global Advisors LLC lifted its holdings in shares of Genco Shipping & Trading by 6.1% during the 3rd quarter. Evermore Global Advisors LLC now owns 1,929,598 shares of the shipping company’s stock worth $27,014,000 after acquiring an additional 111,416 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Shares of GNK traded up $0.08 during mid-day trading on Friday, reaching $8.29. 139,200 shares of the stock traded hands, compared to its average volume of 215,561. The firm has a market capitalization of $341.07 million, a P/E ratio of -6.40 and a beta of 0.43. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.16 and a quick ratio of 1.89. Genco Shipping & Trading has a 1 year low of $7.83 and a 1 year high of $20.07.

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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