Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK – Get Free Report) reached a new 52-week high on Thursday following a dividend announcement from the company. The company traded as high as $29.50 and last traded at $28.6760, with a volume of 276259 shares trading hands. The stock had previously closed at $27.96.
The newly announced dividend which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $0.90 dividend. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.50. This represents a $3.60 dividend on an annualized basis and a yield of 12.5%. Star Bulk Carriers’s dividend payout ratio is presently 160.00%.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on SBLK shares. Jefferies Financial Group upped their price objective on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $32.00 target price on shares of Star Bulk Carriers in a research report on Friday, May 22nd. Wall Street Zen upgraded Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 18th. Zacks Research cut Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Star Bulk Carriers in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.50.
Star Bulk Carriers Trading Up 2.7%
The company has a fifty day moving average of $26.66 and a 200-day moving average of $25.05. The company has a current ratio of 1.73, a quick ratio of 1.55 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 22.91 and a beta of 0.72.
Insider Buying and Selling
In related news, Director Nikolaos Karellis sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $26.96, for a total transaction of $539,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Nikolaos Reskos sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $28.99, for a total value of $144,950.00. Following the sale, the chief operating officer owned 405,875 shares of the company’s stock, valued at $11,766,316.25. The trade was a 1.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 103,103 shares of company stock worth $2,780,742 over the last ninety days. Corporate insiders own 0.90% of the company’s stock.
Institutional Investors Weigh In On Star Bulk Carriers
Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its stake in Star Bulk Carriers by 101.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 99,439 shares of the shipping company’s stock valued at $1,849,000 after acquiring an additional 49,968 shares in the last quarter. Impala Asset Management LLC boosted its holdings in shares of Star Bulk Carriers by 39.2% during the 4th quarter. Impala Asset Management LLC now owns 167,000 shares of the shipping company’s stock worth $3,210,000 after purchasing an additional 47,000 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Star Bulk Carriers during the 1st quarter worth approximately $4,788,000. Hsbc Holdings PLC purchased a new stake in shares of Star Bulk Carriers in the first quarter valued at approximately $909,000. Finally, Fearnley Asset Management AS purchased a new stake in shares of Star Bulk Carriers in the fourth quarter valued at approximately $11,096,000. 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.
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