Key Points
- Director Raffaele Zagari sold 50,000 Star Bulk Carriers shares for $1.56 million at an average price of $31.20, reducing his ownership by 2.56% to 1.903 million shares.
- Star Bulk 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.
- The company raised its quarterly dividend to $0.90, implying a 12.2% annualized yield, and analysts maintained an overall “Buy” rating with an average price target of $31.50.
Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report) Director Raffaele Zagari sold 50,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $31.20, for a total transaction of $1,560,000.00. Following the completion of the transaction, the director owned 1,903,000 shares in the company, valued at approximately $59,373,600. This trade represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Star Bulk Carriers Price Performance
Star Bulk Carriers stock opened at $29.58 on Thursday. The stock has a market capitalization of $3.36 billion, a P/E ratio of 11.60 and a beta of 0.72. Star Bulk Carriers Corp. has a 12-month low of $16.72 and a 12-month high of $31.25. 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's 50-day moving average is $27.37 and its two-hundred day moving average is $25.85.
Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The shipping company reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.95 by $0.26. The business had revenue of $284.60 million during the quarter, compared to analyst estimates of $284.29 million. Star Bulk Carriers had a net margin of 23.87% and a return on equity of 11.72%. Equities analysts predict that Star Bulk Carriers Corp. will post 4.32 earnings per share for the current year.
Star Bulk Carriers Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 12.2%. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Star Bulk Carriers's previous quarterly dividend of $0.50. Star Bulk Carriers's dividend payout ratio is presently 141.18%.
Institutional Investors Weigh In On Star Bulk Carriers
Several hedge funds have recently modified their holdings of SBLK. Alliancebernstein L.P. increased its position in Star Bulk Carriers by 44.6% during the third quarter. Alliancebernstein L.P. now owns 5,446,191 shares of the shipping company's stock worth $101,245,000 after purchasing an additional 1,681,036 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Star Bulk Carriers by 33.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,166,892 shares of the shipping company's stock valued at $40,283,000 after purchasing an additional 539,567 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Star Bulk Carriers by 13.0% in the 1st quarter. Renaissance Technologies LLC now owns 2,067,637 shares of the shipping company's stock valued at $47,494,000 after purchasing an additional 237,248 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of 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 during the period. Finally, Focus Partners Wealth grew its stake in shares of 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 during the period. 33.91% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the company. Jefferies Financial Group increased their price target 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. Weiss Ratings raised Star Bulk Carriers from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Zacks Research upgraded Star Bulk Carriers from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 14th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $32.00 target price on shares of Star Bulk Carriers in a research report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. According to MarketBeat.com, Star Bulk Carriers has an average rating of "Buy" and an average target price of $31.50.
View Our Latest Stock Analysis on SBLK
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
