Star Bulk Carriers (NASDAQ:SBLK) Reaches New 12-Month High – Here’s Why

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

Wall Street Analysts Forecast Growth

SBLK has been the topic of a number of research analyst reports. Weiss Ratings reiterated 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 target on shares of Star Bulk Carriers in a report on Wednesday, November 19th. Finally, Zacks Research upgraded shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 1st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $22.00.

Star Bulk Carriers Stock Down 2.5%

The firm’s 50 day moving average price is $19.42 and its two-hundred day moving average price is $18.87. The firm has a market capitalization of $2.40 billion, a PE ratio of 39.17 and a beta of 0.75. The company has a quick ratio of 1.56, a current ratio of 1.72 and a debt-to-equity ratio of 0.36.

Star Bulk Carriers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 18th. Stockholders 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. This represents a $0.44 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, December 5th. Star Bulk Carriers’s payout ratio is 84.62%.

Institutional Investors Weigh In On Star Bulk Carriers

A number of hedge funds have recently bought and sold shares of the business. Arrow Investment Advisors LLC acquired a new position in shares of Star Bulk Carriers in the 2nd quarter worth approximately $228,000. Boston Partners raised its position in shares of Star Bulk Carriers by 36.5% during 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 in the last quarter. Allianz Asset Management GmbH lifted its stake in Star Bulk Carriers by 54.3% during the second quarter. Allianz Asset Management GmbH now owns 484,491 shares of the shipping company’s stock worth $8,357,000 after purchasing an additional 170,502 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in Star Bulk Carriers in the second quarter worth $57,227,000. Finally, MQS Management LLC bought a new stake in Star Bulk Carriers during the second quarter valued at $535,000. Institutional investors and hedge funds 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.