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 raised its dividend 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 decline. 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

GNK traded up $0.78 during trading on Thursday, hitting $17.55. The company’s stock had a trading volume of 722,375 shares, compared to its average volume of 588,525. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $750.44 million, a price-to-earnings ratio of 54.70, a price-to-earnings-growth ratio of 0.25 and a beta of 0.98. The firm’s 50 day moving average price is $17.33 and its two-hundred day moving average price is $19.46. Genco Shipping & Trading has a 12 month low of $12.65 and a 12 month high of $23.43.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday. Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock 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.