Genco Shipping & Trading Limited (NYSE:GNK) Expected to Announce Quarterly Sales of $129.28 Million

Equity analysts expect Genco Shipping & Trading Limited (NYSE:GNK) to post $129.28 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided earnings estimates for Genco Shipping & Trading, with the lowest estimate for sales being $117.78 million and the highest estimate coming in at $144.82 million. Genco Shipping & Trading recorded sales of $62.06 million during the same quarter last year, indicating a positive annual growth rate of 108.3%. The business is due to release its next quarterly earnings report on Wednesday, February 23rd.

On average, analysts expect Genco Shipping & Trading to report full annual sales of $385.28 million for the current fiscal year, with estimates ranging from $372.06 million to $399.09 million. For the upcoming fiscal year, analysts expect the company to report sales of $359.64 million, with estimates ranging from $345.94 million to $392.85 million. Zacks Sales Accounts is an average based on a survey of sale-side analysts providing coverage for Genco Shipping & Trading.

Genco Shipping & Trading (NYSE: GNK) released its latest quarterly earnings data on Wednesday, November 3rd. The shipping company reported earnings of $1.44 per share for the quarter, topping Thomson Reuters’ estimates of $1.32 by $0.12. Genco Shipping & Trading had a return on equity of 13.65% and a net margin of 5.49%. The company generated $117.46 million in revenue for the previous quarter, compared to analyst expectations of $103.41 million. During the same period in the previous year, the company reported earnings of $0.03 per share.

Separately, Zacks Investment Research upgraded Genco Shipping & Trading from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Wednesday, October 6th. Seven stock research analysts have rated the stock with a buy rating, according to data from MarketBeat.com, currently Genco Shipping & Trading has an average rating of “buy” and an average price target of $41.57.

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Several hedge funds have recently modified their holdings of GNK. Credit Suisse AG boosted its position in shares of Genco Shipping & Trading by 3.9% in the 3rd quarter. Credit Suisse AG now owns 21,522 shares of the shipping company’s stock valued at $433,000 after acquiring an additional 807 shares during the period. Voya Investment Management LLC boosted its position in shares of Genco Shipping & Trading by 7.3% in the third quarter. Voya Investment Management LLC now owns 13,145 shares of the shipping company’s stock valued at $265,000 after acquiring an additional 899 shares during the period. BNP Paribas Arbitrage SA boosted its position in shares of Genco Shipping & Trading by 20.7% in the third quarter. BNP Paribas Arbitrage SA now owns 5,865 shares of the shipping company’s stock valued at $118,000 after acquiring an additional 1,007 shares during the period. Los Angeles Capital Management LLC increased its position in shares of Genco Shipping & Trading by 6.8% in the third quarter. Los Angeles Capital Management LLC now owns 17,659 shares of the shipping company’s stock valued at $355,000 after acquiring an additional 1,130 shares during the period. Finally, Schonfeld Strategic Advisors LLC boosted its position in shares of Genco Shipping & Trading by 8.8% in the third quarter. Schonfeld Strategic Advisors LLC now owns 23,650 shares of the shipping company’s stock valued at $476,000 after acquiring an additional 1,920 shares during the period. 82.76% of the shares are currently owned by institutional investors and hedge funds.

NYSE Stocks: GNK opened at $14.33 on Monday. Genco Shipping & Trading recorded a one-year low of $7.35 and a one-year high of $22.00. The company’s 50-day simple moving average is $15.27. The stock has a market capitalization of $600.79 million, a price-earnings ratio of 25.14 and a beta of 0.94. The company has a quick ratio of 2.79, a trading ratio of 3.34 and a debt-to-equity ratio of 0.36.

The company also recently announced a quarterly dividend, which was paid on Monday, November 22nd. Shareholders of record on Monday, November 15th, were paid a dividend of $0.15 per share. The dividend payout date was Friday 12th November. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.10. This represents a dividend of $0.60 year-over-year and a dividend yield of 4.19%. Genco Shipping & Trading currently has a dividend yield of 105.26%.

About Jinko Shipping & Trading Company

Genco Shipping & Trading Ltd. is an international ship owned company, engaged in the transportation of iron ore, coal, grain, steel products and other dry goods. It operates through the shipping of dry cargo around the world through the ownership and operation of the dry tanker vessels segment.

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