Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report)'s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $14.62, but opened at $14.01. Genco Shipping & Trading shares last traded at $14.60, with a volume of 230,884 shares changing hands.
The shipping company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. The firm had revenue of $67.95 million for the quarter, compared to analysts' expectations of $67.36 million.
Genco Shipping & Trading Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 8.48%. The ex-dividend date of this dividend is Tuesday, March 11th. Genco Shipping & Trading's payout ratio is currently 91.43%.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group reduced their price objective on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday. StockNews.com cut shares of Genco Shipping & Trading from a "buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $23.00.
View Our Latest Analysis on Genco Shipping & Trading
Institutional Investors Weigh In On Genco Shipping & Trading
Several large investors have recently bought and sold shares of the business. LPL Financial LLC increased its position in Genco Shipping & Trading by 3.1% in the fourth quarter. LPL Financial LLC now owns 24,566 shares of the shipping company's stock worth $342,000 after purchasing an additional 736 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Genco Shipping & Trading by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,001 shares of the shipping company's stock worth $335,000 after purchasing an additional 924 shares during the last quarter. Wells Fargo & Company MN increased its position in Genco Shipping & Trading by 1.8% in the fourth quarter. Wells Fargo & Company MN now owns 57,506 shares of the shipping company's stock worth $802,000 after purchasing an additional 1,040 shares during the last quarter. Legal & General Group Plc increased its position in Genco Shipping & Trading by 3.9% in the fourth quarter. Legal & General Group Plc now owns 42,402 shares of the shipping company's stock worth $591,000 after purchasing an additional 1,607 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Genco Shipping & Trading by 2.7% in the fourth quarter. Rhumbline Advisers now owns 68,136 shares of the shipping company's stock worth $950,000 after purchasing an additional 1,800 shares during the last quarter. Institutional investors own 58.62% of the company's stock.
Genco Shipping & Trading Price Performance
The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The firm has a market cap of $605.18 million, a P/E ratio of 8.09, a PEG ratio of 5.61 and a beta of 0.97. The stock's 50-day simple moving average is $14.30 and its two-hundred day simple moving average is $16.12.
Genco Shipping & Trading Company Profile
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Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.
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