Genco Shipping & Trading Limited Plans Dividend of $0.15 (NYSE:GNK)

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) announced a dividend on Tuesday, May 20th, investing.com reports. Investors of record on Friday, May 23rd will be given a dividend of 0.15 per share by the shipping company on Friday, May 30th. This represents a dividend yield of 4.28%. The ex-dividend date of this dividend is Thursday, May 22nd.

Genco Shipping & Trading has increased its dividend by an average of 69.9% annually over the last three years. Genco Shipping & Trading has a payout ratio of 39.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Genco Shipping & Trading to earn $1.13 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 53.1%.

Genco Shipping & Trading Trading Down 1.3%

NYSE:GNK opened at $14.02 on Tuesday. The stock's 50 day moving average price is $13.18 and its 200 day moving average price is $14.34. Genco Shipping & Trading has a 52-week low of $11.20 and a 52-week high of $23.39. The company has a market capitalization of $602.29 million, a PE ratio of 8.01, a P/E/G ratio of 5.64 and a beta of 1.17. The company has a quick ratio of 2.49, a current ratio of 3.09 and a debt-to-equity ratio of 0.08.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The shipping company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.02). The business had revenue of $41.64 million during the quarter, compared to analysts' expectations of $43.49 million. Genco Shipping & Trading had a net margin of 18.06% and a return on equity of 7.82%. Genco Shipping & Trading's revenue for the quarter was down 39.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.49 EPS. On average, research analysts anticipate that Genco Shipping & Trading will post 0.48 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on GNK shares. Jefferies Financial Group reaffirmed a "buy" rating and set a $17.00 price target on shares of Genco Shipping & Trading in a research note on Thursday, May 8th. Dnb Nor Markets upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a research report on Thursday, May 1st. Pareto Securities raised shares of Genco Shipping & Trading to a "strong-buy" rating in a report on Monday, March 31st. Finally, StockNews.com cut shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.75.

Insiders Place Their Bets

In other Genco Shipping & Trading news, CFO Peter George Allen sold 8,984 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $125,416.64. Following the completion of the transaction, the chief financial officer now directly owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Joseph Adamo sold 6,226 shares of the company's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $13.96, for a total value of $86,914.96. Following the completion of the sale, the chief accounting officer now owns 26,829 shares in the company, valued at approximately $374,532.84. This represents a 18.84% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,812 shares of company stock worth $402,216. 2.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Amundi raised its position in Genco Shipping & Trading by 29.0% in the 1st quarter. Amundi now owns 8,000 shares of the shipping company's stock valued at $101,000 after purchasing an additional 1,800 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in Genco Shipping & Trading by 59.5% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 17,848 shares of the shipping company's stock valued at $238,000 after purchasing an additional 6,660 shares in the last quarter. Royal Bank of Canada raised its holdings in Genco Shipping & Trading by 68.2% in the first quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company's stock valued at $725,000 after buying an additional 22,007 shares during the period. Finally, AQR Capital Management LLC grew its position in Genco Shipping & Trading by 49.3% in the first quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company's stock valued at $3,957,000 after acquiring an additional 97,766 shares in the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

About Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, bauxite, steel products, and other drybulk cargoes. It operates through the Major Bulk and Minor Bulk segments. The Major Bulk segment focuses on Capesize vessels. The Minor Bulk segment consists of Ultramax and Supramax vessels.

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