Star Bulk Carriers Corp. $SBLK Shares Sold by MQS Management LLC

MQS Management LLC lowered its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 65.3% during the first quarter, Holdings Channel reports. The firm owned 14,081 shares of the shipping company’s stock after selling 26,539 shares during the period. MQS Management LLC’s holdings in Star Bulk Carriers were worth $323,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. USA Financial Formulas acquired a new position in shares of Star Bulk Carriers in the 4th quarter valued at $26,000. Triumph Capital Management acquired a new stake in Star Bulk Carriers during the 3rd quarter worth $26,000. Rhumbline Advisers lifted its position in Star Bulk Carriers by 141.7% in the third quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company’s stock valued at $32,000 after acquiring an additional 1,022 shares during the last quarter. Sunbelt Securities Inc. purchased a new stake in Star Bulk Carriers in the third quarter valued at $33,000. Finally, Leonteq Securities AG acquired a new position in Star Bulk Carriers in the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 33.91% of the company’s stock.

Analysts Set New Price Targets

SBLK has been the topic of several research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $32.00 price objective on shares of Star Bulk Carriers in a report on Friday, May 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Star Bulk Carriers in a report on Wednesday, June 24th. Wall Street Zen raised Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 18th. Zacks Research downgraded Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Jefferies Financial Group lifted their price target on Star Bulk Carriers from $29.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $31.50.

Insiders Place Their Bets

In other news, Director Nikolaos Karellis sold 20,000 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $26.96, for a total value of $539,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Nikolaos Reskos sold 33,103 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $26.28, for a total transaction of $869,946.84. Following the completion of the sale, the chief operating officer owned 407,775 shares of the company’s stock, valued at $10,716,327. This trade represents a 7.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 108,103 shares of company stock worth $2,886,212. Corporate insiders own 0.90% of the company’s stock.

Star Bulk Carriers Trading Down 0.6%

Shares of Star Bulk Carriers stock opened at $24.81 on Thursday. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 19.85 and a beta of 0.72. Star Bulk Carriers Corp. has a 52-week low of $16.72 and a 52-week high of $28.50. The company’s 50-day simple moving average is $26.26 and its 200-day simple moving average is $23.72. The company has a quick ratio of 1.55, a current ratio of 1.73 and a debt-to-equity ratio of 0.32.

Star Bulk Carriers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Friday, June 12th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 8.1%. This is an increase from Star Bulk Carriers’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, June 12th. Star Bulk Carriers’s dividend payout ratio is 160.00%.

About Star Bulk Carriers

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.