Star Bulk Carriers (NASDAQ:SBLK) Posts Earnings Results

Star Bulk Carriers (NASDAQ:SBLK) posted its earnings results on Wednesday. The shipping company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09, Zacks reports. Star Bulk Carriers had a return on equity of 3.89% and a net margin of 8.07%.

Star Bulk Carriers Stock Performance

Shares of Star Bulk Carriers stock traded up $0.61 during trading hours on Wednesday, reaching $26.69. 1,417,245 shares of the stock traded hands, compared to its average volume of 1,417,847. Star Bulk Carriers has a one year low of $15.78 and a one year high of $27.69. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 36.56 and a beta of 0.71. The company has a quick ratio of 1.65, a current ratio of 1.78 and a debt-to-equity ratio of 0.34. The company has a 50 day moving average price of $24.35 and a 200 day moving average price of $22.13.

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 issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, March 9th. This is an increase from Star Bulk Carriers’s previous quarterly dividend of $0.11. This represents a $1.48 annualized dividend and a dividend yield of 5.5%. Star Bulk Carriers’s dividend payout ratio is presently 202.74%.

Analyst Ratings Changes

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

Insider Activity at Star Bulk Carriers

In other news, COO Nikolaos Reskos sold 33,103 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $26.28, for a total value of $869,946.84. Following the completion of the sale, the chief operating officer directly owned 407,775 shares in the company, valued at $10,716,327. This represents a 7.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 43,189 shares of company stock worth $1,122,645.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Triumph Capital Management purchased a new stake in Star Bulk Carriers in the 3rd quarter worth $26,000. Rhumbline Advisers boosted its holdings in shares of Star Bulk Carriers by 141.7% during the 3rd 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. bought a new position in shares of Star Bulk Carriers during the 3rd quarter valued at about $33,000. Morse Asset Management Inc bought a new position in shares of Star Bulk Carriers during the 3rd quarter valued at about $37,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Star Bulk Carriers by 135.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,420 shares of the shipping company’s stock valued at $42,000 after purchasing an additional 1,391 shares during the last quarter. 33.91% of the stock is 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.