Insider Selling: Star Bulk Carriers (NASDAQ:SBLK) Director Sells 20,000 Shares of Stock

Star Bulk Carriers Corp. (NASDAQ:SBLK) Director Nikolaos Karellis sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $26.96, for a total transaction of $539,200.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Star Bulk Carriers Trading Down 0.3%

SBLK traded down $0.08 during trading on Friday, reaching $27.07. 331,369 shares of the stock traded hands, compared to its average volume of 1,424,431. The company has a quick ratio of 1.55, a current ratio of 1.73 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $3.07 billion, a PE ratio of 21.68 and a beta of 0.72. The stock’s 50-day moving average is $25.83 and its 200 day moving average is $23.13. Star Bulk Carriers Corp. has a 12 month low of $16.21 and a 12 month high of $28.50.

Star Bulk Carriers Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 12th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 7.4%. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, June 12th. Star Bulk Carriers’s payout ratio is presently 118.40%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SBLK. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Star Bulk Carriers in a research report on Friday, March 27th. Jefferies Financial Group raised their price objective on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Zacks Research raised shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $32.00 target price on shares of Star Bulk Carriers in a report on Friday, May 22nd. Finally, Wall Street Zen upgraded Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Star Bulk Carriers currently has a consensus rating of “Buy” and a consensus price target of $31.50.

Hedge Funds Weigh In On Star Bulk Carriers

Several large investors have recently bought and sold shares of SBLK. Bank of America Corp DE grew its stake in Star Bulk Carriers by 48.5% in the 1st quarter. Bank of America Corp DE now owns 565,562 shares of the shipping company’s stock valued at $12,991,000 after purchasing an additional 184,837 shares during the period. Empowered Funds LLC bought a new position in Star Bulk Carriers in the 1st quarter valued at $403,000. Cooper Creek Partners Management LLC bought a new position in Star Bulk Carriers in the 1st quarter valued at $19,893,000. Entropy Technologies LP bought a new position in Star Bulk Carriers in the 1st quarter valued at $437,000. Finally, Renaissance Technologies LLC grew its stake in shares of Star Bulk Carriers by 13.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,067,637 shares of the shipping company’s stock worth $47,494,000 after acquiring an additional 237,248 shares during the period. 33.91% of the stock is currently owned by institutional investors.

Star Bulk Carriers Company Profile

Star Bulk Carriers Corp is a global shipping company engaged in the ocean transport of dry bulk commodities. The company owns and operates a diversified fleet of bulk carriers, including Handymax, Supramax, Panamax and Capesize vessels. Its ships are designed to carry a broad range of cargoes, such as iron ore, coal, grain, bauxite and phosphate, catering to industrial and agricultural customers worldwide.

The company’s vessels operate on major trade routes across the Atlantic, Pacific and Indian Oceans, connecting producers and consumers in Asia, Europe, North and South America.