Genco Shipping & Trading (NYSE:GNK) Shares Gap Down on Disappointing Earnings

Genco Shipping & Trading Limited (NYSE:GNK)’s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. 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.

The shipping company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.27). Genco Shipping & Trading had a return on equity of 7.82% and a net margin of 18.06%. The business had revenue of $67.95 million for the quarter, compared to analyst estimates of $67.36 million.

Genco Shipping & Trading Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 11th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.20 annualized dividend and a dividend yield of 8.48%. Genco Shipping & Trading’s dividend payout ratio is 91.43%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GNK. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Jefferies Financial Group reduced their price target on Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Genco Shipping & Trading by 36.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,852 shares of the shipping company’s stock valued at $1,782,000 after acquiring an additional 33,949 shares in the last quarter. Vident Advisory LLC raised its stake in shares of Genco Shipping & Trading by 20.7% in the 4th quarter. Vident Advisory LLC now owns 31,904 shares of the shipping company’s stock valued at $445,000 after acquiring an additional 5,476 shares in the last quarter. Squarepoint Ops LLC raised its stake in shares of Genco Shipping & Trading by 55.8% in the 4th quarter. Squarepoint Ops LLC now owns 198,673 shares of the shipping company’s stock valued at $2,770,000 after acquiring an additional 71,122 shares in the last quarter. Teza Capital Management LLC raised its stake in shares of Genco Shipping & Trading by 792.0% in the 4th quarter. Teza Capital Management LLC now owns 110,520 shares of the shipping company’s stock valued at $1,541,000 after acquiring an additional 98,130 shares in the last quarter. Finally, Sherbrooke Park Advisers LLC raised its stake in shares of Genco Shipping & Trading by 170.3% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 41,219 shares of the shipping company’s stock valued at $575,000 after acquiring an additional 25,968 shares in the last quarter. 58.62% of the stock is owned by institutional investors.

Genco Shipping & Trading Price Performance

The stock has a 50 day moving average of $14.30 and a two-hundred day moving average of $16.12. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The firm has a market capitalization of $605.18 million, a P/E ratio of 8.09, a P/E/G ratio of 5.61 and a beta of 0.97.

About Genco Shipping & Trading

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.