Star Bulk Carriers (NASDAQ:SBLK) Sets New 52-Week High - Here's What Happened

Key Points

• Star Bulk Carriers hit a new 52-week high of $27.25 intraday, reflecting strong recent momentum in the stock.
• Analysts have turned more constructive on the shipping company, with recent upgrades and a consensus Buy rating and average price target of $29.00.
• The company also boosted its quarterly dividend to $0.37 per share, equal to an annualized yield of about 5.6%, even as an insider recently sold shares.

Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $27.25 and last traded at $26.72, with a volume of 103990 shares trading hands. The stock had previously closed at $26.83.

Analyst Upgrades and Downgrades

SBLK has been the topic of a number of recent analyst reports. Wall Street Zen raised Star Bulk Carriers from a "buy" rating to a "strong-buy" rating in a research note on Saturday, April 18th. Jefferies Financial Group initiated coverage on Star Bulk Carriers in a research note on Friday, April 24th. They issued a "buy" rating and a $29.00 price objective on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Star Bulk Carriers in a research note on Friday, March 27th. Finally, Zacks Research raised Star Bulk Carriers from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Star Bulk Carriers currently has an average rating of "Buy" and an average price target of $29.00.

Star Bulk Carriers Price Performance

The company has a current ratio of 1.78, a quick ratio of 1.65 and a debt-to-equity ratio of 0.34. The business has a 50-day moving average of $24.15 and a 200 day moving average of $21.63. The firm has a market capitalization of $3.02 billion, a P/E ratio of 36.43 and a beta of 0.71.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The shipping company reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.10. The firm had revenue of $230.79 million during the quarter, compared to analyst estimates of $250.51 million. Star Bulk Carriers had a return on equity of 3.89% and a net margin of 8.07%. On average, sell-side analysts predict that Star Bulk Carriers Corp. will post 3.85 earnings per share for the current fiscal year.

Star Bulk Carriers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Monday, March 9th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, March 9th. This represents a $1.48 dividend on an annualized basis and a yield of 5.6%. This is an increase from Star Bulk Carriers's previous quarterly dividend of $0.11. Star Bulk Carriers's dividend payout ratio is presently 202.74%.

Insider Buying and Selling

In other Star Bulk Carriers news, COO Nikolaos Reskos sold 8,406 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $25.05, for a total transaction of $210,570.30. Following the completion of the sale, the chief operating officer directly owned 440,878 shares of the company's stock, valued at approximately $11,043,993.90. The trade was a 1.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.90% of the company's stock.

Institutional Trading of Star Bulk Carriers

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SBLK. Mirabella Financial Services LLP bought a new stake in Star Bulk Carriers during the 3rd quarter worth approximately $73,967,000. Alliancebernstein L.P. bought a new stake in Star Bulk Carriers during the 2nd quarter worth approximately $64,949,000. Millennium Management LLC increased its holdings in Star Bulk Carriers by 1,018.5% during the 4th quarter. Millennium Management LLC now owns 887,056 shares of the shipping company's stock worth $17,049,000 after purchasing an additional 807,751 shares in the last quarter. Boston Partners increased its holdings in Star Bulk Carriers by 424.7% during the 4th quarter. Boston Partners now owns 843,098 shares of the shipping company's stock worth $16,205,000 after purchasing an additional 682,406 shares in the last quarter. Finally, Fearnley Asset Management AS bought a new stake in Star Bulk Carriers during the 4th quarter worth approximately $11,096,000. 33.91% of the stock is owned by institutional investors.

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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