Star Bulk Carriers (NASDAQ:SBLK) Reaches New 1-Year High After Analyst Upgrade

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) reached a new 52-week high during trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $29.90 and last traded at $29.8670, with a volume of 364215 shares changing hands. The stock had previously closed at $29.05.

SBLK has been the topic of a number of other research reports. Jefferies Financial Group lifted their target price on Star Bulk Carriers from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Wall Street Zen upgraded Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 18th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $32.00 price objective on shares of Star Bulk Carriers in a research report on Friday, May 22nd. Finally, Weiss Ratings upgraded shares of Star Bulk Carriers from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat.com, Star Bulk Carriers presently has an average rating of “Buy” and a consensus target price of $31.50.

Insider Activity

In related news, insider Charis Plakantonaki sold 10,825 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $28.95, for a total transaction of $313,383.75. Following the sale, the insider directly owned 66,603 shares in the company, valued at approximately $1,928,156.85. This represents a 13.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Nikolaos Reskos sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $29.50, for a total transaction of $147,500.00. Following the completion of the sale, the chief operating officer directly owned 400,875 shares in the company, valued at approximately $11,825,812.50. This trade represents a 1.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 75,825 shares of company stock worth $2,106,184.

Hedge Funds Weigh In On Star Bulk Carriers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SBLK. Public Employees Retirement System of Ohio raised its position in Star Bulk Carriers by 10.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 4,536 shares of the shipping company’s stock worth $87,000 after acquiring an additional 422 shares in the last quarter. Magnetar Financial LLC boosted its position in shares of Star Bulk Carriers by 3.1% during the 4th quarter. Magnetar Financial LLC now owns 20,001 shares of the shipping company’s stock worth $384,000 after purchasing an additional 604 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Star Bulk Carriers by 4.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 13,695 shares of the shipping company’s stock worth $236,000 after purchasing an additional 616 shares in the last quarter. Vident Advisory LLC grew its stake in shares of Star Bulk Carriers by 5.6% during the 3rd quarter. Vident Advisory LLC now owns 16,902 shares of the shipping company’s stock worth $314,000 after purchasing an additional 891 shares during the period. Finally, Commonwealth Equity Services LLC grew its stake in shares of Star Bulk Carriers by 8.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 12,399 shares of the shipping company’s stock worth $238,000 after purchasing an additional 983 shares during the period. 33.91% of the stock is owned by institutional investors and hedge funds.

Star Bulk Carriers Price Performance

The stock’s fifty day moving average price is $26.95 and its 200-day moving average price is $25.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.74 and a current ratio of 1.91. The firm has a market cap of $3.42 billion, a PE ratio of 11.82 and a beta of 0.72.

Star Bulk Carriers (NASDAQ:SBLK) last announced its quarterly earnings data on Wednesday, August 5th. The shipping company reported $1.21 EPS for the quarter, beating the consensus estimate of $0.95 by $0.26. Star Bulk Carriers had a net margin of 23.87% and a return on equity of 11.72%. The firm had revenue of $284.60 million during the quarter, compared to analysts’ expectations of $284.29 million. As a group, equities analysts forecast that Star Bulk Carriers Corp. will post 4.32 EPS for the current fiscal year.

Star Bulk Carriers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 11.9%. 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. Star Bulk Carriers’s dividend payout ratio is currently 78.43%.

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.