Star Bulk Carriers (NASDAQ:SBLK) Hits New 1-Year High – Time to Buy?

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $31.03 and last traded at $31.12, with a volume of 844622 shares traded. The stock had previously closed at $30.70.

Analysts Set New Price Targets

SBLK has been the topic of a number of analyst reports. Jefferies Financial Group upped their target price 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. Weiss Ratings raised Star Bulk Carriers from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Zacks Research upgraded shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $32.00 price target on shares of Star Bulk Carriers in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, Star Bulk Carriers currently has a consensus rating of “Buy” and an average target price of $31.50.

Star Bulk Carriers Stock Performance

The firm has a market cap of $3.36 billion, a PE ratio of 11.60 and a beta of 0.72. The company has a 50 day simple moving average of $27.37 and a 200-day simple moving average of $25.85. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.91 and a quick ratio of 1.74.

Star Bulk Carriers (NASDAQ:SBLK) last posted its quarterly earnings results on Wednesday, August 5th. The shipping company reported $1.21 EPS for the quarter, topping the consensus estimate of $0.95 by $0.26. The firm had revenue of $284.60 million for the quarter, compared to the consensus estimate of $284.29 million. Star Bulk Carriers had a net margin of 23.87% and a return on equity of 11.72%. As a group, equities research analysts anticipate that Star Bulk Carriers Corp. will post 4.32 EPS 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 dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $3.60 annualized dividend and a dividend yield of 12.2%. This is an increase from Star Bulk Carriers’s previous quarterly dividend of $0.50. Star Bulk Carriers’s payout ratio is 141.18%.

Insider Buying and Selling at Star Bulk Carriers

In other news, insider Charis Plakantonaki sold 10,825 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $29.82, for a total transaction of $322,801.50. Following the transaction, the insider directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Nikolaos Karellis sold 20,000 shares of Star Bulk Carriers 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. Over the last three months, insiders sold 106,650 shares of company stock valued at $3,170,285. 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. Alliancebernstein L.P. increased its stake in Star Bulk Carriers by 44.6% in the 3rd quarter. Alliancebernstein L.P. now owns 5,446,191 shares of the shipping company’s stock worth $101,245,000 after purchasing an additional 1,681,036 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Star Bulk Carriers by 33.2% during the third quarter. Ameriprise Financial Inc. now owns 2,166,892 shares of the shipping company’s stock valued at $40,283,000 after purchasing an additional 539,567 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Star Bulk Carriers by 13.0% during the first quarter. Renaissance Technologies LLC now owns 2,067,637 shares of the shipping company’s stock valued at $47,494,000 after purchasing an additional 237,248 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Star Bulk Carriers by 59.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,298,436 shares of the shipping company’s stock worth $20,204,000 after purchasing an additional 485,436 shares during the last quarter. Finally, Focus Partners Wealth grew its holdings in shares of Star Bulk Carriers by 4.3% in the fourth quarter. Focus Partners Wealth now owns 1,041,252 shares of the shipping company’s stock worth $19,391,000 after purchasing an additional 43,158 shares during the last quarter. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

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.