Genco Shipping & Trading Limited (GNK) to Issue Quarterly Dividend of $0.35 on May 26th
by Doug Wharley · The Cerbat GemGenco Shipping & Trading Limited (NYSE:GNK – Get Free Report) announced a quarterly dividend on Wednesday, May 6th. Investors of record on Monday, May 18th will be paid a dividend of 0.35 per share by the shipping company on Tuesday, May 26th. This represents a c) annualized dividend and a yield of 5.6%. The ex-dividend date is Monday, May 18th.
Genco Shipping & Trading has increased its dividend by an average of 0.3%annually over the last three years. Genco Shipping & Trading has a dividend payout ratio of 165.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Genco Shipping & Trading to earn $0.90 per share next year, which means the company may not be able to cover its $2.00 annual dividend with an expected future payout ratio of 222.2%.
Genco Shipping & Trading Trading Down 1.2%
Shares of GNK opened at $25.20 on Friday. The company’s fifty day moving average is $23.21 and its 200 day moving average is $20.49. Genco Shipping & Trading has a fifty-two week low of $12.66 and a fifty-two week high of $26.15. The stock has a market capitalization of $1.10 billion, a PE ratio of 66.31, a P/E/G ratio of 5.09 and a beta of 0.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.84 and a current ratio of 2.39.
Genco Shipping & Trading (NYSE:GNK – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The shipping company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.19. Genco Shipping & Trading had a net margin of 4.38% and a return on equity of 2.48%. The company had revenue of $114.43 million for the quarter, compared to analysts’ expectations of $65.73 million. During the same quarter in the previous year, the business posted ($0.28) earnings per share. Genco Shipping & Trading’s quarterly revenue was up 60.6% on a year-over-year basis. Sell-side analysts expect that Genco Shipping & Trading will post 1.31 earnings per share for the current fiscal year.
About Genco Shipping & Trading
Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.
In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.