Key Points
- Insider sale: Charis Plakantonaki sold 10,825 Star Bulk Carriers shares for approximately $313,384 at $28.95 each, reducing their holdings by 13.98% to 66,603 shares.
- Strong financial performance: Star Bulk reported quarterly EPS of $1.21, exceeding estimates of $0.95, on revenue of $284.60 million. Analysts expect full-year EPS of $4.32.
- Higher dividend and positive outlook: The company increased its quarterly dividend to $0.90, implying a 11.9% annualized yield. Analysts maintain a consensus “Buy” rating with a $31.50 price target.
Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) insider Charis Plakantonaki sold 10,825 shares of the company's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $28.95, for a total transaction of $313,383.75. Following the completion of the sale, the insider directly owned 66,603 shares of the company's stock, valued at $1,928,156.85. The trade was a 13.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Star Bulk Carriers Price Performance
NASDAQ SBLK opened at $30.13 on Wednesday. Star Bulk Carriers Corp. has a 12 month low of $16.72 and a 12 month high of $30.25. 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 market capitalization of $3.42 billion, a PE ratio of 11.82 and a beta of 0.72. The company's 50 day simple moving average is $26.95 and its 200 day simple moving average is $25.53.
Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The shipping company reported $1.21 EPS for the quarter, topping 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 firm had revenue of $284.60 million for the quarter, compared to analysts' expectations of $284.29 million. As a group, equities research analysts forecast that Star Bulk Carriers Corp. will post 4.32 EPS for the current fiscal year.
Star Bulk Carriers Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $0.90 dividend. This is a boost from Star Bulk Carriers's previous quarterly dividend of $0.50. The ex-dividend date is Friday, August 21st. This represents a $3.60 annualized dividend and a dividend yield of 11.9%. Star Bulk Carriers's payout ratio is currently 78.43%.
Hedge Funds Weigh In On Star Bulk Carriers
Several institutional investors have recently bought and sold shares of SBLK. Triumph Capital Management bought a new stake in Star Bulk Carriers during the 3rd quarter valued at approximately $26,000. Rhumbline Advisers increased its position in Star Bulk Carriers by 141.7% in the 3rd quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company's stock worth $32,000 after buying an additional 1,022 shares during the period. Sunbelt Securities Inc. bought a new position in Star Bulk Carriers during the third quarter worth $33,000. Leonteq Securities AG acquired a new position in Star Bulk Carriers during the 4th quarter valued at $38,000. Finally, Morse Asset Management Inc acquired a new position in Star Bulk Carriers during the 3rd quarter valued at $37,000. 33.91% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on SBLK shares. Jefferies Financial Group increased their price objective on Star Bulk Carriers from $29.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Zacks Research upgraded Star Bulk Carriers from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $32.00 price target on shares of Star Bulk Carriers in a research report on Friday, May 22nd. Finally, Weiss Ratings upgraded shares of Star Bulk Carriers from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $31.50.
Check Out Our Latest Stock Analysis on Star Bulk Carriers
Star Bulk Carriers Company Profile
(
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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