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

Genco Shipping & Trading Limited (NYSE:GNK - Get Free Report) announced a dividend on Tuesday, May 20th, investing.com reports. Shareholders 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 yield of 4.28%. The ex-dividend date is Thursday, May 22nd.

Genco Shipping & Trading has raised its dividend by an average of 69.9% per year over the last three years. Genco Shipping & Trading has a dividend payout ratio of 46.2% indicating that its dividend is sufficiently covered by earnings. 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 Up 1.7%

GNK stock traded up $0.23 during midday trading on Friday, hitting $13.27. The stock had a trading volume of 649,818 shares, compared to its average volume of 547,115. The firm has a market cap of $569.85 million, a PE ratio of 7.58, a price-to-earnings-growth ratio of 5.64 and a beta of 1.17. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. Genco Shipping & Trading has a 12-month low of $11.20 and a 12-month high of $22.68. The company's 50-day moving average price is $13.15 and its 200 day moving average price is $14.27.

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Jefferies Financial Group reiterated a "buy" rating and issued a $17.00 price target on shares of Genco Shipping & Trading in a report on Thursday, May 8th. Pareto Securities upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a report on Monday, March 31st. Wall Street Zen lowered shares of Genco Shipping & Trading from a "hold" rating to a "sell" rating in a report on Wednesday. Finally, Dnb Nor Markets upgraded shares of Genco Shipping & Trading to a "strong-buy" rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.75.

Insider Activity at Genco Shipping & Trading

In related news, CFO Peter George Allen sold 8,984 shares of Genco Shipping & Trading stock in a transaction on Monday, February 24th. The shares were sold at an average price of $13.96, for a total transaction of $125,416.64. Following the transaction, the chief financial officer now owns 45,251 shares in the company, valued at approximately $631,703.96. The trade was a 16.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Joseph Adamo sold 6,226 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $13.96, for a total transaction of $86,914.96. Following the completion of the transaction, the chief accounting officer now owns 26,829 shares in the company, valued at $374,532.84. This represents a 18.84% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,812 shares of company stock worth $402,216. 2.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

A number of institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in Genco Shipping & Trading by 49.3% in the 1st quarter. AQR Capital Management LLC now owns 296,188 shares of the shipping company's stock worth $3,957,000 after buying an additional 97,766 shares in the last quarter. Royal Bank of Canada lifted its holdings in Genco Shipping & Trading by 68.2% in the 1st quarter. Royal Bank of Canada now owns 54,287 shares of the shipping company's stock worth $725,000 after buying an additional 22,007 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 worth $238,000 after buying an additional 6,660 shares in the last quarter. Finally, Amundi lifted its holdings in Genco Shipping & Trading by 29.0% in the 1st quarter. Amundi now owns 8,000 shares of the shipping company's stock worth $101,000 after buying an additional 1,800 shares in the last quarter. Institutional investors and hedge funds own 58.62% of the company's stock.

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, 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.