Bank of America Corp DE raised its holdings in Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) by 48.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 565,562 shares of the shipping company's stock after buying an additional 184,837 shares during the period. Bank of America Corp DE owned about 0.50% of Star Bulk Carriers worth $12,991,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of SBLK. Empowered Funds LLC purchased a new stake in Star Bulk Carriers during the first quarter worth about $403,000. Cooper Creek Partners Management LLC purchased a new stake in shares of Star Bulk Carriers during the first quarter worth $19,893,000. Entropy Technologies LP bought a new position in Star Bulk Carriers in the 1st quarter valued at $437,000. Renaissance Technologies LLC increased its stake in Star Bulk Carriers by 13.0% in the 1st quarter. Renaissance Technologies LLC now owns 2,067,637 shares of the shipping company's stock worth $47,494,000 after acquiring an additional 237,248 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Star Bulk Carriers in the 1st quarter worth about $17,398,000. Hedge funds and other institutional investors own 33.91% of the company's stock.
Wall Street Analyst Weigh In
SBLK has been the topic of several recent research reports. Jefferies Financial Group increased their target price on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, May 28th. 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. 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. Finally, Zacks Research raised Star Bulk Carriers from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $31.50.
Read Our Latest Research Report on Star Bulk Carriers
Star Bulk Carriers Stock Performance
NASDAQ:SBLK opened at $30.50 on Friday. Star Bulk Carriers Corp. has a fifty-two week low of $16.72 and a fifty-two week high of $31.00. 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 stock's fifty day moving average is $27.15 and its 200 day moving average is $25.66. The firm has a market capitalization of $3.46 billion, a PE ratio of 11.96 and a beta of 0.72.
Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The shipping company reported $1.21 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $284.29 million. On average, sell-side analysts anticipate that Star Bulk Carriers Corp. will post 4.32 earnings per share for the current year.
Star Bulk Carriers Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 11.8%. The ex-dividend date 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 (DPR) is presently 78.43%.
Insider Transactions at Star Bulk Carriers
In other news, insider Charis Plakantonaki sold 10,825 shares of the firm's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $29.82, for a total transaction of $322,801.50. Following the sale, the insider directly owned 55,778 shares in the company, valued at $1,663,299.96. This trade represents a 16.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nikolaos Karellis sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $26.96, for a total value of $539,200.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 56,650 shares of company stock valued at $1,610,285 in the last 90 days. 0.90% of the stock is currently owned by company insiders.
Star Bulk Carriers Company Profile
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Free Report)
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.
See Also
Want to see what other hedge funds are holding SBLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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