Genco Shipping & Trading Limited (GNK) To Go Ex-Dividend on August 17th

Genco Shipping & Trading Limited (NYSE:GNK) announced a quarterly dividend on Tuesday, August 4th. Shareholders of record on Monday, August 17th will be given a dividend of 0.80 per share by the shipping company on Monday, August 24th. This represents a c) dividend on an annualized basis and a yield of 12.7%. The ex-dividend date is Monday, August 17th. This is a 128.6% increase from Genco Shipping & Trading’s previous quarterly dividend of $0.35.

Genco Shipping & Trading has raised its dividend payment by an average of 0.3%per year over the last three years. Genco Shipping & Trading has a dividend payout ratio of 115.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Genco Shipping & Trading to earn $1.46 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 95.9%.

Genco Shipping & Trading Trading Down 1.2%

Genco Shipping & Trading stock traded down $0.30 during mid-day trading on Thursday, hitting $25.27. 268,734 shares of the stock were exchanged, compared to its average volume of 385,166. Genco Shipping & Trading has a 12 month low of $15.55 and a 12 month high of $27.25. The company has a quick ratio of 2.41, a current ratio of 2.98 and a debt-to-equity ratio of 0.36. The firm’s fifty day simple moving average is $24.65 and its two-hundred day simple moving average is $23.47. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 66.17, a PEG ratio of 3.18 and a beta of 0.94.

Genco Shipping & Trading (NYSE:GNK) last announced its earnings results on Wednesday, August 5th. The shipping company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. The business had revenue of $136.41 million during the quarter, compared to the consensus estimate of $90.59 million. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.49%. Genco Shipping & Trading’s quarterly revenue was up 68.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.16) earnings per share. Analysts forecast that Genco Shipping & Trading will post 2.12 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on GNK. Weiss Ratings upgraded shares of Genco Shipping & Trading from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Zacks Research raised shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Alliance Global Partners reiterated a “neutral” rating on shares of Genco Shipping & Trading in a research note on Wednesday, June 17th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $29.00 target price on shares of Genco Shipping & Trading in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.67.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.