Star Bulk Carriers (NASDAQ:SBLK) Director Raffaele Zagari Sells 50,000 Shares

Star Bulk Carriers Corp. (NASDAQ:SBLK) Director Raffaele Zagari sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $31.20, for a total value of $1,560,000.00. Following the transaction, the director owned 1,903,000 shares in the company, valued at $59,373,600. The trade was a 2.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Star Bulk Carriers Stock Performance

Shares of SBLK stock opened at $29.58 on Thursday. The company has a current ratio of 1.91, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. The stock has a 50 day simple moving average of $27.37 and a 200-day simple moving average of $25.85. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 11.60 and a beta of 0.72. Star Bulk Carriers Corp. has a 12-month low of $16.72 and a 12-month high of $31.25.

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

Star Bulk Carriers Increases Dividend

The business 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. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, August 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 12.2%. Star Bulk Carriers’s dividend payout ratio is currently 141.18%.

Institutional Investors Weigh In On Star Bulk Carriers

Large investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. purchased a new stake in Star Bulk Carriers in the 2nd quarter valued at approximately $64,949,000. Cooper Creek Partners Management LLC acquired a new stake in Star Bulk Carriers during the 1st quarter valued at $19,893,000. Millennium Management LLC increased its position in Star Bulk Carriers by 1,018.5% during the fourth quarter. Millennium Management LLC now owns 887,056 shares of the shipping company’s stock worth $17,049,000 after buying an additional 807,751 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Star Bulk Carriers during the first quarter worth $17,398,000. Finally, Boston Partners raised its holdings in shares of Star Bulk Carriers by 424.7% in the fourth quarter. Boston Partners now owns 843,098 shares of the shipping company’s stock worth $16,205,000 after acquiring an additional 682,406 shares during the last quarter. 33.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on SBLK. Zacks Research upgraded shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Jefferies Financial Group lifted their price target on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Weiss Ratings raised Star Bulk Carriers from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. 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. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $31.50.

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.