Genco Shipping & Trading (NYSE:GNK) Shares Gap Down After Earnings Miss

Genco Shipping & Trading Limited (NYSE:GNK)’s share price gapped down before the market opened on Thursday following a weaker than expected 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 changing hands.

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 8.46% and a net margin of 15.63%. The firm had revenue of $67.95 million during the quarter, compared to analyst estimates of $67.36 million.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. StockNews.com lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Jefferies Financial Group decreased their target price on shares of Genco Shipping & Trading from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their target price for the stock from $26.00 to $17.00 in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.00.

Institutional Trading of Genco Shipping & Trading

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Calton & Associates Inc. acquired a new stake in shares of Genco Shipping & Trading during the 3rd quarter valued at $297,000. Semanteon Capital Management LP acquired a new stake in Genco Shipping & Trading during the 3rd quarter valued at $905,000. Townsend & Associates Inc lifted its stake in Genco Shipping & Trading by 2.7% in the 3rd quarter. Townsend & Associates Inc now owns 1,048,858 shares of the shipping company’s stock worth $20,453,000 after acquiring an additional 27,783 shares in the last quarter. MQS Management LLC acquired a new stake in Genco Shipping & Trading during the 3rd quarter worth about $490,000. Finally, Royce & Associates LP grew its stake in Genco Shipping & Trading by 43.1% during the 3rd quarter. Royce & Associates LP now owns 482,687 shares of the shipping company’s stock valued at $9,412,000 after acquiring an additional 145,471 shares in the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

Genco Shipping & Trading Stock Up 0.3 %

The business has a fifty day moving average price of $14.32 and a two-hundred day moving average price of $16.16. The company has a current ratio of 3.09, a quick ratio of 2.49 and a debt-to-equity ratio of 0.08. The company has a market cap of $626.82 million, a price-to-earnings ratio of 9.34, a P/E/G ratio of 5.69 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.