Star Bulk Carriers (NASDAQ:SBLK) Reaches New 52-Week High – Time to Buy?

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $20.90 and last traded at $20.90, with a volume of 1230686 shares. The stock had previously closed at $20.61.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Star Bulk Carriers in a report on Monday, December 29th. Jefferies Financial Group restated a “buy” rating and issued a $22.00 price objective on shares of Star Bulk Carriers in a research note on Wednesday, November 19th. Finally, Zacks Research raised Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 1st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Star Bulk Carriers has a consensus rating of “Buy” and a consensus target price of $22.00.

Star Bulk Carriers Price Performance

The company has a current ratio of 1.72, a quick ratio of 1.56 and a debt-to-equity ratio of 0.36. The stock has a 50 day simple moving average of $19.32 and a 200-day simple moving average of $18.83. The firm has a market cap of $2.46 billion, a PE ratio of 40.19 and a beta of 0.75.

Star Bulk Carriers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 18th. Investors of record on Friday, December 5th were paid a dividend of $0.11 per share. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.44 annualized dividend and a yield of 2.1%. Star Bulk Carriers’s dividend payout ratio is 84.62%.

Hedge Funds Weigh In On Star Bulk Carriers

Hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Advisory Group Advisory Services LLC purchased a new stake in Star Bulk Carriers during the second quarter valued at $2,052,000. Arrow Investment Advisors LLC purchased a new stake in shares of Star Bulk Carriers during the 2nd quarter valued at about $228,000. Allianz Asset Management GmbH raised its position in shares of Star Bulk Carriers by 54.3% during the 2nd quarter. Allianz Asset Management GmbH now owns 484,491 shares of the shipping company’s stock valued at $8,357,000 after buying an additional 170,502 shares in the last quarter. Boston Partners lifted its holdings in shares of Star Bulk Carriers by 36.5% in the 2nd quarter. Boston Partners now owns 171,186 shares of the shipping company’s stock valued at $2,953,000 after acquiring an additional 45,818 shares during the last quarter. Finally, MQS Management LLC purchased a new position in Star Bulk Carriers in the second quarter worth about $535,000. Institutional investors own 33.91% of the company’s stock.

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.