Key Points
- Star Bulk Carriers COO Nikolaos Reskos sold 33,103 shares at an average price of $26.28, totaling about $869,947. The sale was made under a pre-arranged Rule 10b5-1 plan and reduced his stake by 7.51%.
- The company raised its quarterly dividend to $0.50 per share from $0.37, which works out to an annualized dividend of $2.00 and a yield of about 7.5%. However, the payout ratio is high at 202.74%.
- Star Bulk Carriers recently beat earnings expectations, reporting $0.62 EPS versus the $0.52 estimate, and analysts currently maintain a Buy consensus with a $29 price target. The stock was trading near its 52-week high, reflecting strong recent performance.
Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) COO Nikolaos Reskos sold 33,103 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $26.28, for a total transaction of $869,946.84. Following the completion of the transaction, the chief operating officer owned 407,775 shares of the company's stock, valued at approximately $10,716,327. The trade was a 7.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Nikolaos Reskos also recently made the following trade(s):
- On Tuesday, May 19th, Nikolaos Reskos sold 86 shares of Star Bulk Carriers stock. The shares were sold at an average price of $26.49, for a total transaction of $2,278.14.
- On Wednesday, April 15th, Nikolaos Reskos sold 8,406 shares of Star Bulk Carriers stock. The shares were sold at an average price of $25.05, for a total transaction of $210,570.30.
- On Tuesday, April 14th, Nikolaos Reskos sold 1,594 shares of Star Bulk Carriers stock. The stock was sold at an average price of $25.00, for a total transaction of $39,850.00.
Star Bulk Carriers Stock Performance
Shares of SBLK opened at $26.69 on Thursday. 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 firm has a market cap of $3.03 billion, a PE ratio of 36.56 and a beta of 0.71. The company's 50 day simple moving average is $24.40 and its 200-day simple moving average is $22.18. Star Bulk Carriers Corp. has a 12-month low of $15.78 and a 12-month high of $27.69.
Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last announced its earnings results on Wednesday, February 25th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.10. The business had revenue of $230.79 million for the quarter, compared to analyst estimates of $250.51 million. Star Bulk Carriers had a net margin of 8.07% and a return on equity of 3.89%. As a group, equities analysts predict that Star Bulk Carriers Corp. will post 3.85 EPS for the current year.
Star Bulk Carriers Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Friday, June 12th will be given a $0.50 dividend. This is a positive change from Star Bulk Carriers's previous quarterly dividend of $0.37. The ex-dividend date is Friday, June 12th. This represents a $2.00 dividend on an annualized basis and a yield of 7.5%. Star Bulk Carriers's payout ratio is 202.74%.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on the stock. Zacks Research upgraded shares of Star Bulk Carriers from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 22nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Star Bulk Carriers in a research note on Friday, March 27th. Wall Street Zen raised Star Bulk Carriers from a "buy" rating to a "strong-buy" rating in a research note on Saturday, April 18th. Finally, Jefferies Financial Group assumed coverage on shares of Star Bulk Carriers in a research note on Friday, April 24th. They issued a "buy" rating and a $29.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Star Bulk Carriers has a consensus rating of "Buy" and a consensus price target of $29.00.
Get Our Latest Report on SBLK
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio increased its stake in shares of Star Bulk Carriers by 10.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 4,536 shares of the shipping company's stock valued at $87,000 after acquiring an additional 422 shares during the last quarter. Magnetar Financial LLC boosted its holdings in Star Bulk Carriers by 3.1% in the 4th quarter. Magnetar Financial LLC now owns 20,001 shares of the shipping company's stock worth $384,000 after acquiring an additional 604 shares during the period. BNP Paribas Financial Markets boosted its holdings in Star Bulk Carriers by 4.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 13,695 shares of the shipping company's stock worth $236,000 after acquiring an additional 616 shares during the period. Jones Financial Companies Lllp boosted its holdings in Star Bulk Carriers by 50.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,381 shares of the shipping company's stock worth $46,000 after acquiring an additional 802 shares during the period. Finally, Vident Advisory LLC boosted its holdings in Star Bulk Carriers by 5.6% in the 3rd quarter. Vident Advisory LLC now owns 16,902 shares of the shipping company's stock worth $314,000 after acquiring an additional 891 shares during the period. Institutional investors and hedge funds own 33.91% of the company's stock.
Star Bulk Carriers News Roundup
Here are the key news stories impacting Star Bulk Carriers this week:
- Positive Sentiment: Star Bulk beat Q1 earnings and revenue expectations, signaling stronger-than-expected operating performance in the dry bulk shipping market.
- Positive Sentiment: The company reported a quarterly net profit of $58.5 million and resumed/continued a sizable $0.50 per-share dividend, reinforcing cash-generation and shareholder-return appeal.
- Neutral Sentiment: A recent valuation note highlighted that Star Bulk has already rallied sharply this year, which may mean investors are also weighing whether the stock’s gains are getting ahead of fundamentals.
- Neutral Sentiment: Insider sales by the COO were disclosed, but they were made under a pre-arranged 10b5-1 plan and appear limited in size, so they are unlikely to be the main driver today.
About Star Bulk Carriers
(
Get Free Report)
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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