Star Bulk Carriers (NASDAQ:SBLK) Reaches New 1-Year High - Here's What Happened

Key Points

• Star Bulk Carriers shares reached a new 52-week high, trading around $31.12 after rising above the prior close of $30.70. Analysts maintain a favorable outlook, with the stock carrying an average “Buy” rating and a $31.50 consensus price target.
• The company reported quarterly EPS of $1.21, beating expectations of $0.95, while revenue broadly matched estimates at $284.6 million.
• Star Bulk increased its quarterly dividend to $0.90 per share from $0.50, implying a $3.60 annualized payout and an 11.6% yield, although its payout ratio stands at 141.18%.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) shares reached a new 52-week high on Tuesday . The stock traded as high as $31.03 and last traded at $31.12, with a volume of 844622 shares traded. The stock had previously closed at $30.70.

Analyst Ratings Changes

A number of analysts have recently weighed in on SBLK shares. Zacks Research upgraded Star Bulk Carriers from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 14th. Jefferies Financial Group boosted 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. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $32.00 target price on shares of Star Bulk Carriers in a research note on Friday, May 22nd. Finally, Weiss Ratings upgraded Star Bulk Carriers from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $31.50.

Star Bulk Carriers Stock Performance

The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 12.22 and a beta of 0.72. The company's 50-day simple moving average is $27.22 and its 200-day simple moving average is $25.74. The company has a quick ratio of 1.74, a current ratio of 1.91 and a debt-to-equity ratio of 0.32.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last announced its earnings results on Wednesday, August 5th. The shipping company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $284.60 million for the quarter, compared to the consensus estimate of $284.29 million. Analysts predict that Star Bulk Carriers Corp. will post 4.32 EPS for the current fiscal year.

Star Bulk Carriers Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $0.90 dividend. The ex-dividend date is Friday, August 21st. This is a positive change from Star Bulk Carriers's previous quarterly dividend of $0.50. This represents a $3.60 dividend on an annualized basis and a dividend yield of 11.6%. Star Bulk Carriers's dividend payout ratio is presently 141.18%.

Insiders Place Their Bets

In other Star Bulk Carriers news, Director Nikolaos Karellis sold 20,000 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $26.96, for a total value of $539,200.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Charis Plakantonaki sold 10,825 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $29.82, for a total value of $322,801.50. Following the completion of the transaction, the insider directly owned 55,778 shares of the company's stock, valued at approximately $1,663,299.96. This trade represents a 16.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 56,650 shares of company stock valued at $1,610,285 in the last quarter.

Institutional Investors Weigh In On Star Bulk Carriers

A number of institutional investors have recently added to or reduced their stakes in the stock. Impala Asset Management LLC grew its position in Star Bulk Carriers by 39.2% during the 4th quarter. Impala Asset Management LLC now owns 167,000 shares of the shipping company's stock worth $3,210,000 after acquiring an additional 47,000 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in Star Bulk Carriers in the first quarter worth $4,788,000. Hsbc Holdings PLC bought a new stake in shares of Star Bulk Carriers during the first quarter worth $909,000. Fearnley Asset Management AS acquired a new stake in shares of Star Bulk Carriers in the fourth quarter valued at $11,096,000. Finally, Bank of America Corp DE grew its holdings in Star Bulk Carriers by 48.5% during the 1st quarter. Bank of America Corp DE now owns 565,562 shares of the shipping company's stock worth $12,991,000 after acquiring an additional 184,837 shares during the last quarter. 33.91% of the stock is owned by institutional investors and hedge funds.

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.

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