Genco Shipping & Trading Limited (GNK) to Issue Quarterly Dividend of $0.15 on November 24th

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Tuesday, November 4th. Shareholders of record on Monday, November 17th will be given a dividend of 0.15 per share by the shipping company on Monday, November 24th. This represents a c) annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, November 17th.

Genco Shipping & Trading has raised its dividend payment by an average of 0.3%annually over the last three years. Genco Shipping & Trading has a payout ratio of 49.6% 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 Up 0.0%

Shares of GNK stock opened at $17.54 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.63 and a quick ratio of 1.20. The company has a market cap of $758.27 million, a price-to-earnings ratio of 51.57 and a beta of 1.20. Genco Shipping & Trading has a 1 year low of $11.20 and a 1 year high of $19.60. The firm has a fifty day moving average price of $17.25 and a 200-day moving average price of $15.62.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Wednesday, November 5th. The shipping company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). Genco Shipping & Trading had a return on equity of 1.40% and a net margin of 4.40%.The company had revenue of $79.92 million for the quarter, compared to the consensus estimate of $65.06 million. During the same period in the previous year, the business earned $0.41 earnings per share. Genco Shipping & Trading’s quarterly revenue was down 19.5% compared to the same quarter last year. As a group, equities analysts predict that Genco Shipping & Trading will post 0.48 earnings per share for the current year.

Insiders Place Their Bets

In other Genco Shipping & Trading news, insider Jesper Christensen sold 34,202 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $18.06, for a total transaction of $617,688.12. Following the completion of the sale, the insider directly owned 69,363 shares of the company’s stock, valued at $1,252,695.78. This trade represents a 33.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Genco Shipping & Trading

Hedge funds and other institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Genco Shipping & Trading by 6,887.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,676,967 shares of the shipping company’s stock worth $22,404,000 after purchasing an additional 1,652,966 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Genco Shipping & Trading by 7.4% in the first quarter. American Century Companies Inc. now owns 1,462,880 shares of the shipping company’s stock worth $19,544,000 after purchasing an additional 101,283 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Genco Shipping & Trading in the first quarter worth about $4,921,000. KLP Kapitalforvaltning AS boosted its stake in Genco Shipping & Trading by 271.7% during the first quarter. KLP Kapitalforvaltning AS now owns 127,500 shares of the shipping company’s stock valued at $1,703,000 after buying an additional 93,200 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new position in Genco Shipping & Trading during the 1st quarter valued at approximately $231,000. Institutional investors own 58.62% of the company’s stock.

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.