Genco Shipping & Trading Limited (GNK) To Go Ex-Dividend on November 18th

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 9.06%. The ex-dividend date is Monday, November 18th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.34.

Genco Shipping & Trading has increased its dividend payment by an average of 59.3% annually over the last three years. Genco Shipping & Trading has a payout ratio of 94.1% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Genco Shipping & Trading to earn $1.92 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 83.3%.

Genco Shipping & Trading Price Performance

NYSE GNK opened at $17.66 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.49 and a current ratio of 3.09. The company has a market capitalization of $755.14 million, a price-to-earnings ratio of 11.25, a PEG ratio of 0.28 and a beta of 0.98. The stock has a 50-day moving average of $17.39 and a 200 day moving average of $19.30. Genco Shipping & Trading has a one year low of $13.90 and a one year high of $23.43.

Genco Shipping & Trading (NYSE:GNK) last announced its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 EPS for the quarter, hitting analysts’ consensus estimates of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The firm had revenue of $99.33 million during the quarter, compared to analyst estimates of $72.02 million. During the same period in the previous year, the business posted ($0.09) earnings per share. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. On average, sell-side analysts forecast that Genco Shipping & Trading will post 1.74 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on GNK. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price target for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. 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.