Genco Shipping & Trading Limited (NYSE:GNK – Get Rating) declared a quarterly dividend on Wednesday, August 3rd, Zacks reports. Stockholders of record on Tuesday, August 16th will be given a dividend of 0.50 per share by the shipping company on Tuesday, August 23rd. This represents a $2.00 annualized dividend and a dividend yield of 11.34%. The ex-dividend date is Monday, August 15th.
Genco Shipping & Trading has a dividend payout ratio of 46.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Genco Shipping & Trading to earn $4.31 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 46.4%.
Genco Shipping & Trading Stock Performance
Shares of GNK stock opened at $17.64 on Friday. Genco Shipping & Trading has a 12 month low of $13.21 and a 12 month high of $27.15. The stock has a market capitalization of $745.82 million, a P/E ratio of 3.18 and a beta of 0.90. The company has a current ratio of 2.46, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The firm’s 50 day moving average is $19.14 and its 200 day moving average is $20.58.
Insider Buying and Selling
In other Genco Shipping & Trading news, major shareholder Cayman Gp Ltd. Ccp II sold 25,000 shares of Genco Shipping & Trading stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $17.50, for a total transaction of $437,500.00. Following the completion of the sale, the insider now directly owns 30,802 shares in the company, valued at $539,035. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Robert E. Hughes sold 3,500 shares of the company’s stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $24.79, for a total value of $86,765.00. Following the completion of the transaction, the insider now directly owns 742 shares in the company, valued at approximately $18,394.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Cayman Gp Ltd. Ccp II sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $17.50, for a total value of $437,500.00. Following the transaction, the insider now directly owns 30,802 shares in the company, valued at $539,035. The disclosure for this sale can be found here. Over the last three months, insiders have sold 173,575 shares of company stock worth $4,171,336. Insiders own 2.50% of the company’s stock.
Institutional Inflows and Outflows
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A number of institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its holdings in shares of Genco Shipping & Trading by 9.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,916,725 shares of the shipping company’s stock valued at $45,272,000 after purchasing an additional 164,117 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Genco Shipping & Trading by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 889,993 shares of the shipping company’s stock valued at $21,022,000 after acquiring an additional 7,036 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Genco Shipping & Trading by 48.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 463,157 shares of the shipping company’s stock valued at $10,939,000 after acquiring an additional 151,456 shares during the period. Renaissance Technologies LLC grew its position in Genco Shipping & Trading by 48.1% during the 1st quarter. Renaissance Technologies LLC now owns 446,730 shares of the shipping company’s stock worth $10,552,000 after acquiring an additional 145,000 shares during the last quarter. Finally, First Trust Advisors LP purchased a new position in Genco Shipping & Trading in the 1st quarter worth approximately $10,469,000. 75.90% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of equities analysts have recently commented on the company. Clarkson Capital reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a report on Tuesday, June 14th. StockNews.com downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. B. Riley lifted their target price on Genco Shipping & Trading from $27.00 to $31.00 in a report on Friday, May 6th. Jefferies Financial Group began coverage on shares of Genco Shipping & Trading in a report on Wednesday, July 20th. They issued a “buy” rating and a $25.00 price target on the stock. Finally, Alliance Global Partners began coverage on shares of Genco Shipping & Trading in a research note on Wednesday, August 3rd. They set a “buy” rating and a $29.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.20.
About Genco Shipping & Trading
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.
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