Counterpoint Mutual Funds LLC Invests $4.79 Million in Star Bulk Carriers Corp. $SBLK

Key Points

• Counterpoint Mutual Funds LLC disclosed a new first-quarter stake in Star Bulk Carriers, buying 208,427 shares worth about $4.79 million. The position represents roughly 0.7% of its portfolio and makes SBLK its 18th-largest holding.
• Insider selling continued, with Director Nikolaos Karellis and COO Nikolaos Reskos selling shares in June. In the last three months, insiders have sold 108,103 shares worth about $2.89 million.
• Star Bulk Carriers recently raised its quarterly dividend to $0.50 per share, translating to an annualized yield of about 8.0%. Analyst sentiment is mixed but leans positive, with a Moderate Buy consensus and a target price of $31.50.

Counterpoint Mutual Funds LLC acquired a new stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 208,427 shares of the shipping company's stock, valued at approximately $4,788,000. Star Bulk Carriers accounts for about 0.7% of Counterpoint Mutual Funds LLC's investment portfolio, making the stock its 18th largest holding. Counterpoint Mutual Funds LLC owned about 0.18% of Star Bulk Carriers at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SBLK. USA Financial Formulas bought a new stake in Star Bulk Carriers in the 4th quarter worth approximately $26,000. Triumph Capital Management bought a new position in shares of Star Bulk Carriers during the 3rd quarter valued at $26,000. Rhumbline Advisers lifted its holdings in shares of Star Bulk Carriers by 141.7% during the 3rd quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company's stock valued at $32,000 after buying an additional 1,022 shares during the period. Sunbelt Securities Inc. purchased a new position in shares of Star Bulk Carriers in the 3rd quarter worth $33,000. Finally, Leonteq Securities AG purchased a new position in shares of Star Bulk Carriers in the 4th quarter worth $38,000. Hedge funds and other institutional investors own 33.91% of the company's stock.

Insider Activity

In other Star Bulk Carriers news, Director Nikolaos Karellis sold 20,000 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $26.96, for a total transaction of $539,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Nikolaos Reskos sold 5,000 shares of the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $28.49, for a total value of $142,450.00. Following the completion of the sale, the chief operating officer owned 362,775 shares of the company's stock, valued at approximately $10,335,459.75. The trade was a 1.36% 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. Insiders have sold 108,103 shares of company stock valued at $2,886,212 in the last three months. 0.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wall Street Zen upgraded Star Bulk Carriers from a "buy" rating to a "strong-buy" rating in a research report on Saturday, April 18th. Weiss Ratings reissued a "hold (c)" rating on shares of Star Bulk Carriers in a research report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $32.00 price target on shares of Star Bulk Carriers in a research note on Friday, May 22nd. Zacks Research lowered shares of Star Bulk Carriers from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 22nd. Finally, Jefferies Financial Group increased their price objective on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $31.50.

Star Bulk Carriers Stock Performance

Shares of SBLK stock opened at $25.15 on Friday. Star Bulk Carriers Corp. has a 1 year low of $16.72 and a 1 year high of $28.50. The firm has a fifty day moving average price of $26.28 and a 200-day moving average price of $23.78. 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 company has a market cap of $2.85 billion, a price-to-earnings ratio of 20.12 and a beta of 0.72.

Star Bulk Carriers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 12th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 8.0%. This is a boost from Star Bulk Carriers's previous quarterly dividend of $0.37. The ex-dividend date was Friday, June 12th. Star Bulk Carriers's dividend payout ratio (DPR) is presently 160.00%.

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.

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