Genco Shipping & Trading Limited (NYSE:GNK) Expected to Announce Quarterly Sales of $59.41 Million

Equities analysts predict that Genco Shipping & Trading Limited (NYSE:GNK) will report $59.41 million in sales for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Genco Shipping & Trading’s earnings, with estimates ranging from $57.82 million to $61.65 million. Genco Shipping & Trading reported sales of $92.26 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 35.6%. The firm is expected to announce its next quarterly earnings results on Wednesday, November 6th.

According to Zacks, analysts expect that Genco Shipping & Trading will report full-year sales of $205.72 million for the current fiscal year, with estimates ranging from $163.20 million to $235.66 million. For the next year, analysts anticipate that the company will post sales of $297.96 million, with estimates ranging from $274.38 million to $333.12 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 earnings results on Wednesday, August 7th. The shipping company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.08). Genco Shipping & Trading had a negative net margin of 4.79% and a negative return on equity of 0.80%. The company had revenue of $41.75 million during the quarter, compared to analyst estimates of $39.92 million.

Several equities analysts have weighed in on GNK shares. Zacks Investment Research lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Monday, August 12th. Noble Financial set a $18.00 target price on Genco Shipping & Trading and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, ValuEngine raised Genco Shipping & Trading from a “hold” rating to a “buy” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Genco Shipping & Trading has a consensus rating of “Hold” and an average target price of $14.90.

NYSE:GNK traded up $0.12 during mid-day trading on Wednesday, hitting $9.54. The company had a trading volume of 185,000 shares, compared to its average volume of 217,401. Genco Shipping & Trading has a fifty-two week low of $6.83 and a fifty-two week high of $14.65. The business’s fifty day moving average is $9.48 and its two-hundred day moving average is $8.82. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.75 and a current ratio of 2.02. The firm has a market cap of $372.00 million, a P/E ratio of 14.91 and a beta of 1.04.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. United Services Automobile Association raised its position in shares of Genco Shipping & Trading by 14.4% during the second quarter. United Services Automobile Association now owns 16,152 shares of the shipping company’s stock worth $136,000 after purchasing an additional 2,028 shares during the period. Marshall Wace North America L.P. raised its position in shares of Genco Shipping & Trading by 203.0% during the second quarter. Marshall Wace North America L.P. now owns 24,605 shares of the shipping company’s stock worth $208,000 after purchasing an additional 16,485 shares during the period. Vanguard Group Inc. raised its position in shares of Genco Shipping & Trading by 1.4% during the second quarter. Vanguard Group Inc. now owns 309,266 shares of the shipping company’s stock worth $2,611,000 after purchasing an additional 4,284 shares during the period. Tower Research Capital LLC TRC acquired a new stake in shares of Genco Shipping & Trading during the second quarter worth about $108,000. Finally, BlackRock Inc. raised its position in shares of Genco Shipping & Trading by 34.2% during the second quarter. BlackRock Inc. now owns 1,019,806 shares of the shipping company’s stock worth $8,607,000 after purchasing an additional 260,096 shares during the period. 83.29% of the stock is currently owned by institutional investors.

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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Earnings History and Estimates for Genco Shipping & Trading (NYSE:GNK)

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