Star Bulk Carriers (NASDAQ:SBLK) Insider Charis Plakantonaki Sells 10,825 Shares of Stock

Key Points

• Insider sale: Star Bulk Carriers insider Charis Plakantonaki sold 10,825 shares for approximately $313,384, reducing her direct ownership by 13.98% to 66,603 shares.
• Strong financial performance: The company reported quarterly earnings of $1.21 per share, beating estimates by $0.26, while revenue of $284.6 million was broadly in line with forecasts.
• Dividend and outlook: Star Bulk raised its quarterly dividend to $0.90, representing a 12.1% annualized yield. Analysts maintain a consensus “Buy” rating with an average price target of $31.50.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) insider Charis Plakantonaki sold 10,825 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $28.95, for a total transaction of $313,383.75. Following the transaction, the insider directly owned 66,603 shares in the company, valued at approximately $1,928,156.85. This trade represents a 13.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Star Bulk Carriers Trading Down 0.8%

Shares of NASDAQ SBLK traded down $0.24 during trading hours on Tuesday, reaching $29.85. The stock had a trading volume of 810,234 shares, compared to its average volume of 1,393,419. The company has a current ratio of 1.91, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 11.72 and a beta of 0.72. The business's fifty day moving average price is $26.88 and its two-hundred day moving average price is $25.47. Star Bulk Carriers Corp. has a 52-week low of $16.72 and a 52-week high of $30.18.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The shipping company reported $1.21 EPS for the quarter, topping the consensus estimate of $0.95 by $0.26. The company had revenue of $284.60 million for the quarter, compared to the consensus estimate of $284.29 million. Star Bulk Carriers had a return on equity of 11.72% and a net margin of 23.87%. Analysts expect that Star Bulk Carriers Corp. will post 4.32 EPS for the current fiscal year.

Star Bulk Carriers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 12.1%. This is a boost from Star Bulk Carriers's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, August 21st. Star Bulk Carriers's payout ratio is currently 78.43%.

Hedge Funds Weigh In On Star Bulk Carriers

Large investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its holdings in shares of Star Bulk Carriers by 44.6% in the 3rd quarter. Alliancebernstein L.P. now owns 5,446,191 shares of the shipping company's stock valued at $101,245,000 after buying an additional 1,681,036 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Star Bulk Carriers by 33.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,166,892 shares of the shipping company's stock worth $40,283,000 after buying an additional 539,567 shares during the last quarter. Renaissance Technologies LLC grew its stake in Star Bulk Carriers by 13.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,067,637 shares of the shipping company's stock worth $47,494,000 after buying an additional 237,248 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Star Bulk Carriers by 59.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,298,436 shares of the shipping company's stock valued at $20,204,000 after buying an additional 485,436 shares in the last quarter. Finally, Focus Partners Wealth increased its position in Star Bulk Carriers by 4.3% during the 4th quarter. Focus Partners Wealth now owns 1,041,252 shares of the shipping company's stock valued at $19,391,000 after buying an additional 43,158 shares in the last quarter. 33.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. 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. Zacks Research upgraded shares of Star Bulk Carriers from a "hold" rating to a "strong-buy" rating in a research note on Friday. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $32.00 price objective on shares of Star Bulk Carriers in a report on Friday, May 22nd. Finally, Weiss Ratings raised shares of Star Bulk Carriers from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat, Star Bulk Carriers has a consensus rating of "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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source