Genco Shipping & Trading Limited (NYSE:GNK) Announces $0.40 Dividend

Genco Shipping & Trading Limited (NYSE:GNK) declared a dividend on Wednesday, November 6th,NASDAQ Dividends reports. Stockholders of record on Monday, November 18th will be paid a dividend of 0.40 per share by the shipping company on Monday, November 25th. The ex-dividend date is Monday, November 18th.

Genco Shipping & Trading has increased its dividend payment by an average of 59.3% per year over the last three years. Genco Shipping & Trading has a dividend payout ratio of 78.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect Genco Shipping & Trading to earn $1.95 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 69.7%.

Genco Shipping & Trading Stock Performance

Shares of Genco Shipping & Trading stock traded up $0.78 during midday trading on Thursday, hitting $17.55. The company had a trading volume of 722,375 shares, compared to its average volume of 588,525. The stock has a market cap of $750.44 million, a PE ratio of 54.70, a P/E/G ratio of 0.25 and a beta of 0.98. Genco Shipping & Trading has a 1-year low of $12.65 and a 1-year high of $23.43. The business’s 50 day simple moving average is $17.33 and its two-hundred day simple moving average is $19.46. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. The company had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. Genco Shipping & Trading had a net margin of 3.59% and a return on equity of 6.11%. The business’s quarterly revenue was up 19.2% on a year-over-year basis. During the same period last year, the business posted ($0.09) EPS. As a group, equities analysts predict that Genco Shipping & Trading will post 1.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on GNK. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and cut their target price for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.20.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.