Star Bulk Carriers (NASDAQ:SBLK) Issues Quarterly Earnings Results

Star Bulk Carriers (NASDAQ:SBLK) announced its quarterly earnings data on Wednesday. The shipping company reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.21, Zacks reports. Star Bulk Carriers had a return on equity of 6.81% and a net margin of 13.01%.

Star Bulk Carriers Price Performance

NASDAQ:SBLK traded down $0.26 during mid-day trading on Wednesday, reaching $27.96. The stock had a trading volume of 880,247 shares, compared to its average volume of 1,213,906. The stock has a market capitalization of $3.17 billion, a PE ratio of 22.37 and a beta of 0.72. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.73 and a quick ratio of 1.55. The stock has a 50-day simple moving average of $26.66 and a two-hundred day simple moving average of $25.05. Star Bulk Carriers has a 12 month low of $16.72 and a 12 month high of $29.34.

Star Bulk Carriers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 12th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date was Friday, June 12th. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.37. Star Bulk Carriers’s dividend payout ratio is currently 160.00%.

Insiders Place Their Bets

In related news, COO Nikolaos Reskos sold 33,103 shares of Star Bulk Carriers stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $26.28, for a total transaction of $869,946.84. Following the transaction, the chief operating officer owned 407,775 shares of the company’s stock, valued at $10,716,327. The trade was a 7.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nikolaos Karellis sold 20,000 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $26.96, for a total value of $539,200.00. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 103,103 shares of company stock worth $2,780,742. 0.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Star Bulk Carriers

A number of institutional investors and hedge funds have recently made changes to their positions in SBLK. Public Employees Retirement System of Ohio lifted its position in Star Bulk Carriers by 10.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 4,536 shares of the shipping company’s stock worth $87,000 after buying an additional 422 shares during the last quarter. Magnetar Financial LLC raised its stake in Star Bulk Carriers by 3.1% in the fourth quarter. Magnetar Financial LLC now owns 20,001 shares of the shipping company’s stock worth $384,000 after buying an additional 604 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Star Bulk Carriers by 4.7% in the second 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 increased its position in Star Bulk Carriers by 5.6% during the 3rd quarter. Vident Advisory LLC now owns 16,902 shares of the shipping company’s stock valued at $314,000 after buying an additional 891 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its position in shares of Star Bulk Carriers by 8.6% in 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 last quarter. Hedge funds and other institutional investors own 33.91% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on SBLK shares. Weiss Ratings restated a “hold (c)” rating on shares of Star Bulk Carriers in a research report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $32.00 price objective on shares of Star Bulk Carriers in a research note on Friday, May 22nd. Jefferies Financial Group lifted their target price on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Zacks Research lowered shares of Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Wall Street Zen raised Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 18th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.