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

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 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 decline. 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 Price Performance

Shares of Genco Shipping & Trading stock traded up $0.78 on Thursday, reaching $17.55. The stock had a trading volume of 722,375 shares, compared to its average volume of 588,525. The business’s 50 day moving average is $17.33 and its two-hundred day moving average is $19.45. The company has a current ratio of 3.59, a quick ratio of 2.94 and a debt-to-equity ratio of 0.10. Genco Shipping & Trading has a 1 year low of $12.65 and a 1 year high of $23.43. The company has a market cap of $750.44 million, a P/E ratio of 53.18, a price-to-earnings-growth ratio of 0.25 and a beta of 0.98.

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on GNK shares. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their price objective for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft started coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Jefferies Financial Group reissued a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a research report on Thursday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Genco Shipping & Trading presently has a consensus rating of “Moderate Buy” and an average target price 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.