Star Bulk Carriers (NASDAQ:SBLK) Sets New 52-Week High – What’s Next?

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) hit a new 52-week high during trading on Tuesday . The stock traded as high as $31.29 and last traded at $31.1370, with a volume of 112748 shares changing hands. The stock had previously closed at $30.87.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SBLK shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $32.00 price objective on shares of Star Bulk Carriers in a research report on Friday, May 22nd. Zacks Research raised Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Weiss Ratings upgraded Star Bulk Carriers from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday. Finally, Jefferies Financial Group increased their price target on Star Bulk Carriers from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $31.50.

Star Bulk Carriers Stock Up 0.3%

The firm’s fifty day simple moving average is $27.64 and its 200 day simple moving average is $26.01. 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 company has a market cap of $3.51 billion, a price-to-earnings ratio of 12.20 and a beta of 0.72.

Star Bulk Carriers (NASDAQ:SBLK) last announced its quarterly earnings data on Wednesday, August 5th. The shipping company reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.26. The business had revenue of $284.60 million for the quarter, compared to analyst estimates of $284.29 million. Star Bulk Carriers had a net margin of 23.87% and a return on equity of 11.72%. Sell-side analysts predict that Star Bulk Carriers Corp. will post 4.32 earnings per share for the current year.

Star Bulk Carriers Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 11.6%. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, August 21st. Star Bulk Carriers’s dividend payout ratio is currently 141.18%.

Insiders Place Their Bets

In other news, Director Raffaele Zagari sold 50,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $31.20, for a total value of $1,560,000.00. Following the transaction, the director owned 1,903,000 shares in the company, valued at approximately $59,373,600. This represents a 2.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Nikolaos Karellis sold 20,000 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was 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 have sold 101,650 shares of company stock valued at $3,027,835 in the last three months. Corporate insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On Star Bulk Carriers

Several institutional investors have recently added to or reduced their stakes in the business. Triumph Capital Management purchased a new position in Star Bulk Carriers in the third quarter valued at approximately $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. acquired a new stake in shares of Star Bulk Carriers in the 3rd quarter valued at about $33,000. Morse Asset Management Inc purchased a new position in shares of Star Bulk Carriers during the third quarter worth approximately $37,000. Finally, Leonteq Securities AG purchased a new position in Star Bulk Carriers during the 4th quarter worth $38,000. Hedge funds and other institutional investors 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.