Genco Shipping & Trading Limited to Issue Quarterly Dividend of $0.18 (NYSE:GNK)

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Investors of record on Friday, March 6th will be given a dividend of 0.175 per share by the shipping company on Monday, March 16th. This represents a $0.70 dividend on an annualized basis and a yield of 10.09%. The ex-dividend date is Thursday, March 5th.

Genco Shipping & Trading has a payout ratio of 92.1% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Genco Shipping & Trading to earn $0.90 per share next year, which means the company should continue to be able to cover its $0.70 annual dividend with an expected future payout ratio of 77.8%.

Genco Shipping & Trading stock traded down $0.12 during midday trading on Wednesday, reaching $6.94. The company’s stock had a trading volume of 380,400 shares, compared to its average volume of 225,050. Genco Shipping & Trading has a 52 week low of $6.83 and a 52 week high of $11.82. The company has a current ratio of 2.02, a quick ratio of 1.83 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $8.61 and a 200-day moving average price of $9.62. The stock has a market cap of $314.41 million, a PE ratio of -7.46 and a beta of 1.14.

Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Tuesday, February 25th. The shipping company reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.03). Genco Shipping & Trading had a negative return on equity of 1.45% and a negative net margin of 9.82%. The firm had revenue of $63.45 million for the quarter, compared to the consensus estimate of $64.86 million. As a group, research analysts predict that Genco Shipping & Trading will post -0.59 EPS for the current fiscal year.

Several equities analysts have issued reports on the company. Fearnley Fonds lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and set a price target on the stock. in a research note on Monday, January 27th. Zacks Investment Research lowered Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 28th. ValuEngine lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. Finally, Noble Financial reissued a “buy” rating and issued a $18.00 price target on shares of Genco Shipping & Trading in a research note on Sunday, February 2nd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $13.58.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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