B. Riley Has Bearish Forecast for GNK Q4 Earnings

Genco Shipping & Trading Limited (NYSE:GNK) – Investment analysts at B. Riley dropped their Q4 2024 earnings per share (EPS) estimates for shares of Genco Shipping & Trading in a report released on Thursday, November 7th. B. Riley analyst L. Burke now anticipates that the shipping company will post earnings per share of $0.34 for the quarter, down from their previous estimate of $0.48. The consensus estimate for Genco Shipping & Trading’s current full-year earnings is $1.79 per share.

A number of other equities research analysts have also recently commented on GNK. Jefferies Financial Group restated a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research report on Thursday. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price on the stock. Finally, Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their target price for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

Genco Shipping & Trading Price Performance

NYSE:GNK opened at $17.45 on Friday. Genco Shipping & Trading has a 52 week low of $13.10 and a 52 week high of $23.43. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $746.16 million, a PE ratio of 52.88, a price-to-earnings-growth ratio of 0.25 and a beta of 0.98. The stock’s 50-day moving average price is $17.32 and its 200-day moving average price is $19.42.

Genco Shipping & Trading (NYSE:GNK) last posted its earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, meeting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The firm had revenue of $99.33 million for the quarter, compared to analysts’ expectations of $72.02 million. During the same period last year, the firm earned ($0.09) EPS. The company’s quarterly revenue was up 19.2% on a year-over-year basis.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Monday, November 18th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 9.17%. This is a boost from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date is Monday, November 18th. Genco Shipping & Trading’s payout ratio is presently 412.12%.

Institutional Investors Weigh In On Genco Shipping & Trading

Several institutional investors have recently bought and sold shares of GNK. Renaissance Technologies LLC boosted its holdings in Genco Shipping & Trading by 66.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,050,030 shares of the shipping company’s stock worth $22,376,000 after buying an additional 419,730 shares during the last quarter. Elevatus Welath Management purchased a new position in Genco Shipping & Trading in the 1st quarter worth approximately $5,850,000. Algert Global LLC lifted its stake in Genco Shipping & Trading by 694.2% in the 2nd quarter. Algert Global LLC now owns 239,213 shares of the shipping company’s stock worth $5,098,000 after purchasing an additional 209,093 shares in the last quarter. Foundry Partners LLC purchased a new position in Genco Shipping & Trading in the 1st quarter worth approximately $3,812,000. Finally, American Century Companies Inc. lifted its stake in Genco Shipping & Trading by 16.4% in the 2nd quarter. American Century Companies Inc. now owns 1,096,741 shares of the shipping company’s stock worth $23,372,000 after purchasing an additional 154,339 shares in the last quarter. 58.62% of the stock is currently owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.