Genco Shipping & Trading Limited Declares Quarterly Dividend of $0.30 (NYSE:GNK)

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Wednesday, February 19th, Wall Street Journal reports. Stockholders of record on Tuesday, March 11th will be paid a dividend of 0.30 per share by the shipping company on Tuesday, March 18th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date of this dividend is Tuesday, March 11th.

Genco Shipping & Trading has increased its dividend by an average of 69.9% per year over the last three years. Genco Shipping & Trading has a payout ratio of 97.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Genco Shipping & Trading to earn $0.48 per share next year, which means the company may not be able to cover its $1.60 annual dividend with an expected future payout ratio of 333.3%.

Genco Shipping & Trading Trading Up 0.4 %

GNK stock traded up $0.07 during midday trading on Thursday, hitting $14.69. 1,252,615 shares of the company’s stock were exchanged, compared to its average volume of 454,961. Genco Shipping & Trading has a 1-year low of $13.51 and a 1-year high of $23.43. The stock has a market capitalization of $627.93 million, a PE ratio of 9.35, a P/E/G ratio of 5.69 and a beta of 0.97. 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 business has a 50-day simple moving average of $14.32 and a two-hundred day simple moving average of $16.16.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.27). Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The firm had revenue of $67.95 million during the quarter, compared to analysts’ expectations of $67.36 million. On average, sell-side analysts predict that Genco Shipping & Trading will post 1.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Genco Shipping & Trading Company Profile

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.