Genco Shipping & Trading Limited (GNK) To Go Ex-Dividend on May 18th

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly dividend on Monday, May 4th. 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 5.7%. The ex-dividend date of this dividend 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 115.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Genco Shipping & Trading to earn $1.02 per share next year, which means the company may not be able to cover its $1.40 annual dividend with an expected future payout ratio of 137.3%.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK opened at $24.58 on Friday. Genco Shipping & Trading has a twelve month low of $12.66 and a twelve month high of $27.25. The company’s 50 day moving average is $23.42 and its 200 day moving average is $20.87. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The company has a market cap of $1.07 billion, a PE ratio of 64.68, a price-to-earnings-growth ratio of 3.58 and a beta of 0.97.

Genco Shipping & Trading (NYSE:GNK) last issued 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 2.49%. The company had revenue of $114.43 million for the quarter, compared to the consensus estimate of $65.73 million. During the same quarter in the prior year, the company earned ($0.28) EPS. Genco Shipping & Trading’s quarterly revenue was up 60.6% on a year-over-year basis. On average, sell-side analysts forecast that Genco Shipping & Trading will post 1.81 EPS for the current year.

Insider Transactions at Genco Shipping & Trading

In other news, CFO Peter George Allen sold 13,315 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $23.66, for a total transaction of $315,032.90. Following the sale, the chief financial officer owned 66,702 shares of the company’s stock, valued at $1,578,169.32. This trade represents a 16.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Joseph Adamo sold 6,340 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $23.67, for a total transaction of $150,067.80. Following the sale, the chief accounting officer directly owned 38,519 shares in the company, valued at $911,744.73. The trade was a 14.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 55,824 shares of company stock valued at $1,313,949 in the last 90 days. 2.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. lifted its position in shares of Genco Shipping & Trading by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 1,611,227 shares of the shipping company’s stock valued at $28,680,000 after buying an additional 62,030 shares in the last quarter. Townsend & Associates Inc lifted its position in shares of Genco Shipping & Trading by 0.7% during the 4th quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock valued at $25,373,000 after buying an additional 8,488 shares in the last quarter. Focus Partners Wealth lifted its position in shares of Genco Shipping & Trading by 3.1% during the 4th quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock valued at $15,385,000 after buying an additional 26,326 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Genco Shipping & Trading by 14.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock valued at $13,799,000 after buying an additional 96,703 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Genco Shipping & Trading by 100.3% during the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock valued at $10,013,000 after buying an additional 272,094 shares in the last quarter. Hedge funds and other institutional investors own 58.62% of the company’s stock.

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.