Engineers Gate Manager LP lessened its holdings in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK – Free Report) by 14.4% during the second quarter, HoldingsChannel reports. The firm owned 268,029 shares of the shipping company’s stock after selling 45,078 shares during the quarter. Engineers Gate Manager LP’s holdings in Star Bulk Carriers were worth $6,693,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in SBLK. Impala Asset Management LLC lifted its position in Star Bulk Carriers by 39.2% during the fourth quarter. Impala Asset Management LLC now owns 167,000 shares of the shipping company’s stock worth $3,210,000 after buying an additional 47,000 shares during the period. Bank of America Corp DE grew its holdings in Star Bulk Carriers by 48.5% in the 1st quarter. Bank of America Corp DE now owns 565,562 shares of the shipping company’s stock valued at $12,991,000 after buying an additional 184,837 shares during the period. Hsbc Holdings PLC purchased a new stake in Star Bulk Carriers in the 1st quarter valued at about $909,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Star Bulk Carriers during the 1st quarter valued at about $4,788,000. Finally, Fearnley Asset Management AS acquired a new position in shares of Star Bulk Carriers during the 4th quarter valued at about $11,096,000. Institutional investors and hedge funds own 33.91% of the company’s stock.
Star Bulk Carriers Stock Performance
Star Bulk Carriers stock opened at $31.17 on Friday. The stock’s 50-day moving average is $28.77 and its 200-day moving average is $26.45. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 12.22 and a beta of 0.70. 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 Corp. has a 12 month low of $16.72 and a 12 month high of $32.88.
Star Bulk Carriers Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 11.5%. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, August 21st. Star Bulk Carriers’s dividend payout ratio is presently 141.18%.
Insiders Place Their Bets
In other Star Bulk Carriers news, insider Charis Plakantonaki sold 10,825 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $29.82, for a total transaction of $322,801.50. Following the completion of the sale, the insider directly owned 55,778 shares in the company, valued at $1,663,299.96. The trade was a 16.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Raffaele Zagari sold 50,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $31.20, for a total transaction of $1,560,000.00. Following the completion of the sale, the director directly owned 1,903,000 shares of the company’s stock, valued at $59,373,600. The trade was a 2.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 81,650 shares of company stock worth $2,488,635 over the last ninety days. 0.90% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several research firms recently issued reports on SBLK. Weiss Ratings raised shares of Star Bulk Carriers from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 27th. Jefferies Financial Group upped their price target 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. Zacks Research raised shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $32.00 price target on shares of Star Bulk Carriers in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $31.50.
Check Out Our Latest Analysis on SBLK
Star Bulk Carriers Company Profile
Star Bulk Carriers Corp. is a global dry bulk shipping company that owns and operates vessels used to transport major and minor bulk commodities. Its fleet serves the international supply chains for iron ore, grain, bauxite, fertilizers, steel products and other dry cargoes.
The company operates a diversified fleet that includes large Capesize and Newcastlemax vessels as well as Panamax, Ultramax and Supramax bulk carriers. Star Bulk’s vessels serve customers and ports across major shipping routes worldwide, supporting commodity trade between producers, exporters and end markets.
Star Bulk Carriers was founded in 2006 and is headquartered in Maroussi, Greece, with the company incorporated in the Marshall Islands.
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Want to see what other hedge funds are holding SBLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Star Bulk Carriers Corp. (NASDAQ:SBLK – Free Report).
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