Stock Traders Purchase Large Volume of Call Options on Star Bulk Carriers (NASDAQ:SBLK)

Star Bulk Carriers Corp. (NASDAQ:SBLK) saw some unusual options trading on Friday. Traders bought 5,369 call options on the stock. This is an increase of 93% compared to the typical volume of 2,783 call options.

Star Bulk Carriers Stock Performance

SBLK traded up $0.60 during trading hours on Friday, hitting $32.47. The company’s stock had a trading volume of 430,648 shares, compared to its average volume of 1,407,809. Star Bulk Carriers has a fifty-two week low of $16.72 and a fifty-two week high of $32.88. The company has a current ratio of 1.91, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $3.68 billion, a PE ratio of 12.71 and a beta of 0.70. The company has a 50-day simple moving average of $27.97 and a 200 day simple moving average of $26.18.

Star Bulk Carriers (NASDAQ:SBLK) last announced its earnings results on Wednesday, August 5th. The shipping company reported $1.21 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.26. Star Bulk Carriers had a return on equity of 11.72% and a net margin of 23.87%.The firm had revenue of $284.60 million for the quarter, compared to the consensus estimate of $284.29 million. As a group, sell-side analysts expect that Star Bulk Carriers will post 4.32 EPS for the current year.

Star Bulk Carriers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 11.1%. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, August 21st. Star Bulk Carriers’s dividend payout ratio is 141.18%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SBLK. Zacks Research raised shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Jefferies Financial Group increased their price objective on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $32.00 price objective on shares of Star Bulk Carriers in a research report on Friday, May 22nd. Finally, Weiss Ratings raised shares of Star Bulk Carriers from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $31.50.

Insider Buying and Selling

In related news, insider Charis Plakantonaki sold 10,825 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $29.82, for a total value of $322,801.50. Following the sale, the insider owned 55,778 shares of the company’s stock, valued at approximately $1,663,299.96. This trade represents a 16.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Nikolaos Rescos sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $29.50, for a total value of $147,500.00. Following the transaction, the chief operating officer owned 400,875 shares of the company’s stock, valued at $11,825,812.50. This represents a 1.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 101,650 shares of company stock valued at $3,027,835 over the last quarter. Company insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On Star Bulk Carriers

Several institutional investors have recently bought and sold shares of SBLK. Public Employees Retirement System of Ohio grew its position in Star Bulk Carriers by 10.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 4,536 shares of the shipping company’s stock worth $87,000 after buying an additional 422 shares during the last quarter. Headlands Technologies LLC lifted its position in shares of Star Bulk Carriers by 0.8% during the 2nd quarter. Headlands Technologies LLC now owns 66,333 shares of the shipping company’s stock valued at $1,656,000 after acquiring an additional 518 shares during the last quarter. Magnetar Financial LLC boosted its stake in shares of Star Bulk Carriers by 3.1% during the 4th quarter. Magnetar Financial LLC now owns 20,001 shares of the shipping company’s stock worth $384,000 after acquiring an additional 604 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Star Bulk Carriers by 4.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 13,695 shares of the shipping company’s stock worth $236,000 after acquiring an additional 616 shares in the last quarter. Finally, Vident Advisory LLC grew its holdings in shares of Star Bulk Carriers by 5.6% in the 3rd quarter. Vident Advisory LLC now owns 16,902 shares of the shipping company’s stock worth $314,000 after acquiring an additional 891 shares during the last quarter. Institutional investors and hedge funds own 33.91% of the company’s stock.

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.