Star Bulk Carriers (NASDAQ:SBLK) COO Nikolaos Reskos Sells 5,000 Shares of Stock

Star Bulk Carriers Corp. (NASDAQ:SBLK) COO Nikolaos Reskos sold 5,000 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.50, for a total value of $147,500.00. Following the sale, the chief operating officer owned 400,875 shares of the company’s stock, valued at approximately $11,825,812.50. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nikolaos Reskos also recently made the following trade(s):

• On Thursday, July 30th, Nikolaos Reskos sold 5,000 shares of Star Bulk Carriers stock. The shares were sold at an average price of $28.99, for a total value of $144,950.00.
• On Monday, June 1st, Nikolaos Reskos sold 5,000 shares of Star Bulk Carriers stock. The stock was sold at an average price of $28.49, for a total value of $142,450.00.
• On Thursday, May 21st, Nikolaos Reskos sold 30,000 shares of Star Bulk Carriers stock. The shares were sold at an average price of $27.29, for a total value of $818,700.00.
• On Wednesday, May 20th, Nikolaos Reskos sold 9,914 shares of Star Bulk Carriers stock. The shares were sold at an average price of $26.55, for a total transaction of $263,216.70.
• On Monday, May 18th, Nikolaos Reskos sold 33,103 shares of Star Bulk Carriers stock. The shares were sold at an average price of $26.28, for a total transaction of $869,946.84.
• On Tuesday, May 19th, Nikolaos Reskos sold 86 shares of Star Bulk Carriers stock. The stock was sold at an average price of $26.49, for a total transaction of $2,278.14.

Star Bulk Carriers Stock Performance

SBLK opened at $28.90 on Friday. The company has a current ratio of 1.91, a quick ratio of 1.55 and a debt-to-equity ratio of 0.32. The company has a market cap of $3.28 billion, a price-to-earnings ratio of 11.33 and a beta of 0.72. The company’s 50 day moving average is $26.73 and its 200 day moving average is $25.14. Star Bulk Carriers Corp. has a 12-month low of $16.72 and a 12-month high of $29.50.

Star Bulk Carriers Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a dividend of $0.90 per share. The ex-dividend date is Friday, August 21st. This represents a $3.60 annualized dividend and a dividend yield of 12.5%. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.50. Star Bulk Carriers’s dividend payout ratio is 141.18%.

Institutional Trading of Star Bulk Carriers

A number of hedge funds and other institutional investors have recently modified their holdings of SBLK. Royal Bank of Canada lifted its stake in shares of Star Bulk Carriers by 94.3% during the 1st quarter. Royal Bank of Canada now owns 117,275 shares of the shipping company’s stock valued at $1,825,000 after buying an additional 56,930 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Star Bulk Carriers by 59.7% in the 1st 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 buying an additional 485,436 shares in the last quarter. Geode Capital Management LLC raised its holdings in Star Bulk Carriers by 2.3% during the second quarter. Geode Capital Management LLC now owns 122,115 shares of the shipping company’s stock valued at $2,106,000 after acquiring an additional 2,748 shares during the period. JPMorgan Chase & Co. raised its holdings in Star Bulk Carriers by 673.1% during the second quarter. JPMorgan Chase & Co. now owns 49,471 shares of the shipping company’s stock valued at $853,000 after acquiring an additional 43,072 shares during the period. Finally, Norges Bank purchased a new position in shares of Star Bulk Carriers in the second quarter valued at about $1,444,000. 33.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SBLK has been the subject of several analyst reports. 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 downgraded Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Jefferies Financial Group boosted their price target on Star Bulk Carriers from $29.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Weiss Ratings restated a “hold (c)” rating on shares of Star Bulk Carriers in a research report on Wednesday, June 24th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Star Bulk Carriers in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $31.50.

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.