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

Genco Shipping & Trading Limited (NYSE:GNK) announced a dividend on Wednesday, November 6th,NASDAQ Dividends reports. Investors 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 raised its dividend by an average of 59.3% annually over the last three years. Genco Shipping & Trading has a dividend payout ratio of 78.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities 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 on Thursday, hitting $17.55. 722,375 shares of the company’s stock were exchanged, compared to its average volume of 588,525. Genco Shipping & Trading has a 1 year low of $12.65 and a 1 year high of $23.43. The company has a 50-day simple moving average of $17.33 and a 200-day simple moving average of $19.45. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59. The stock has a market capitalization of $750.44 million, a PE ratio of 53.18, a PEG ratio of 0.25 and a beta of 0.98.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, meeting 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 business 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 company posted ($0.09) earnings per share. Genco Shipping & Trading’s revenue for the quarter was up 19.2% on a year-over-year basis. As a group, equities analysts anticipate that Genco Shipping & Trading will post 1.79 EPS for the current year.

Wall Street Analyst Weigh In

GNK has been the topic of a number of recent analyst reports. Jefferies Financial Group restated a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday. Stifel Nicolaus downgraded shares of 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 research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft initiated 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 for the company. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Genco Shipping & Trading presently has a consensus rating of “Moderate Buy” and a consensus 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.