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

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $27.25 and last traded at $26.72, with a volume of 103990 shares changing hands. The stock had previously closed at $26.83.

Analysts Set New Price Targets

SBLK has been the subject of several recent analyst reports. Zacks Research raised Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 22nd. Jefferies Financial Group initiated coverage on Star Bulk Carriers in a report on Friday, April 24th. They issued a “buy” rating and a $29.00 target price for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Star Bulk Carriers in a report on Friday, March 27th. Finally, Wall Street Zen raised Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $29.00.

Star Bulk Carriers Trading Down 0.7%

The company has a market capitalization of $3.02 billion, a P/E ratio of 36.43 and a beta of 0.71. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.78 and a quick ratio of 1.65. The firm has a fifty day moving average price of $24.15 and a 200-day moving average price of $21.63.

Star Bulk Carriers (NASDAQ:SBLK) last posted its quarterly earnings data on Wednesday, February 25th. The shipping company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.52 by $0.10. Star Bulk Carriers had a return on equity of 3.89% and a net margin of 8.07%.The business had revenue of $230.79 million for the quarter, compared to the consensus estimate of $250.51 million. On average, equities research analysts anticipate that Star Bulk Carriers Corp. will post 3.85 earnings per share for the current year.

Star Bulk Carriers Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Monday, March 9th were paid a $0.37 dividend. The ex-dividend date was Monday, March 9th. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.11. This represents a $1.48 annualized dividend and a yield of 5.6%. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 202.74%.

Insider Buying and Selling

In related news, COO Nikolaos Reskos sold 8,406 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $25.05, for a total value of $210,570.30. Following the transaction, the chief operating officer owned 440,878 shares in the company, valued at approximately $11,043,993.90. This represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Star Bulk Carriers

Institutional investors have recently bought and sold shares of the company. USA Financial Formulas purchased a new position in Star Bulk Carriers in the fourth quarter valued at approximately $26,000. Triumph Capital Management purchased a new position in Star Bulk Carriers in the third quarter valued at approximately $26,000. Rhumbline Advisers lifted its stake 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 purchasing an additional 1,022 shares during the last quarter. Sunbelt Securities Inc. purchased a new position in Star Bulk Carriers in the third quarter valued at approximately $33,000. Finally, Morse Asset Management Inc purchased a new position in Star Bulk Carriers in the third quarter valued at approximately $37,000. Hedge funds and other 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.