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

Key Points

• Director Raffaele Zagari sold 50,000 Star Bulk Carriers shares at an average price of $31.20, generating $1.56 million. He retained 1.903 million shares, a 2.56% reduction in his ownership.
• Star Bulk shares fell 4.6% to $29.69, despite the company beating quarterly EPS estimates and reporting $284.6 million in revenue.
• The company raised its quarterly dividend to $0.90 per share, equivalent to an annualized $3.60 payout and a 12.1% yield. Analysts maintained a generally positive outlook, with the stock carrying a consensus “Buy” rating and a $31.50 price target.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) Director Raffaele Zagari sold 50,000 shares of Star Bulk Carriers stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $31.20, for a total transaction of $1,560,000.00. Following the completion of the transaction, the director directly owned 1,903,000 shares in the company, valued at approximately $59,373,600. The trade was a 2.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Star Bulk Carriers Trading Down 4.6%

SBLK traded down $1.42 during trading on Wednesday, hitting $29.69. 713,963 shares of the stock traded hands, compared to its average volume of 1,412,059. The firm has a market capitalization of $3.37 billion, a P/E ratio of 11.64 and a beta of 0.72. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.91 and a quick ratio of 1.74. The firm has a 50-day moving average of $27.31 and a 200 day moving average of $25.80. 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 - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The shipping company reported $1.21 earnings per share (EPS) 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 analysts' expectations of $284.29 million. Star Bulk Carriers had a net margin of 23.87% and a return on equity of 11.72%. Equities research analysts anticipate that Star Bulk Carriers Corp. will post 4.32 EPS for the current year.

Star Bulk Carriers Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 12.1%. 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 141.18%.

Hedge Funds Weigh In On Star Bulk Carriers

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Triumph Capital Management bought a new stake in shares of Star Bulk Carriers in the 3rd quarter worth approximately $26,000. Rhumbline Advisers increased its position in 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 in the last quarter. Sunbelt Securities Inc. purchased a new position in Star Bulk Carriers during the third quarter valued at $33,000. Morse Asset Management Inc purchased a new position in Star Bulk Carriers during the third quarter valued at $37,000. Finally, Leonteq Securities AG bought a new stake in Star Bulk Carriers in the fourth quarter worth $38,000. Hedge funds and other institutional investors own 33.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SBLK shares. Weiss Ratings upgraded Star Bulk Carriers from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Zacks Research upgraded Star Bulk Carriers from a "hold" rating to a "strong-buy" rating in a report 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 report on Thursday, May 28th. Finally, 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. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target 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.

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