Star Bulk Carriers (NASDAQ:SBLK) Sets New 12-Month High – Here’s Why

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $28.72 and last traded at $28.7590, with a volume of 656245 shares. The stock had previously closed at $27.39.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $32.00 price target on shares of Star Bulk Carriers in a report on Friday, May 22nd. Wall Street Zen raised shares of Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 18th. Weiss Ratings restated a “hold (c)” rating on shares of Star Bulk Carriers in a research report on Wednesday, June 24th. Jefferies Financial Group upped their target price on Star Bulk Carriers from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, Zacks Research downgraded Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.50.

Star Bulk Carriers Price Performance

The business’s fifty day moving average price is $26.50 and its 200 day moving average price is $24.76. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.73 and a quick ratio of 1.55. The stock has a market cap of $3.26 billion, a P/E ratio of 23.05 and a beta of 0.72.

Star Bulk Carriers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 12th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 7.0%. The ex-dividend date of this dividend was Friday, June 12th. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.37. Star Bulk Carriers’s payout ratio is currently 160.00%.

Insider Buying and Selling

In other news, COO Nikolaos Reskos sold 5,000 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $28.49, for a total value of $142,450.00. Following the completion of the transaction, the chief operating officer directly owned 362,775 shares in the company, valued at approximately $10,335,459.75. This represents a 1.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nikolaos Karellis sold 20,000 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $26.96, for a total value of $539,200.00. The SEC filing for this sale provides additional information. Insiders sold 98,103 shares of company stock worth $2,635,792 in the last 90 days. Company insiders own 0.90% of the company’s stock.

Institutional Trading of Star Bulk Carriers

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in Star Bulk Carriers by 101.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 99,439 shares of the shipping company’s stock valued at $1,849,000 after buying an additional 49,968 shares during the last quarter. Impala Asset Management LLC grew its holdings in Star Bulk Carriers by 39.2% during the 4th quarter. Impala Asset Management LLC now owns 167,000 shares of the shipping company’s stock worth $3,210,000 after acquiring an additional 47,000 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in Star Bulk Carriers during the 1st quarter worth approximately $4,788,000. Fearnley Asset Management AS acquired a new position in Star Bulk Carriers in the 4th quarter valued at approximately $11,096,000. Finally, Hsbc Holdings PLC acquired a new position in Star Bulk Carriers in the 1st quarter valued at approximately $909,000. 33.91% of the stock is owned by institutional investors and hedge funds.

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.