Star Bulk Carriers (NASDAQ:SBLK) Hits New 52-Week High – Still a Buy?

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s stock price reached a new 52-week high on Monday . The stock traded as high as $29.90 and last traded at $29.8670, with a volume of 364215 shares trading hands. The stock had previously closed at $29.05.

Analysts Set New Price Targets

Several analysts have recently commented on SBLK shares. Jefferies Financial Group lifted their price target on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Zacks Research cut Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $32.00 target price on shares of Star Bulk Carriers in a research report on Friday, May 22nd. Finally, Weiss Ratings raised Star Bulk Carriers from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Star Bulk Carriers presently has an average rating of “Moderate Buy” and an average target price of $31.50.

Star Bulk Carriers Trading Up 2.6%

The company has a 50 day moving average of $26.82 and a 200-day moving average of $25.42. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.74 and a current ratio of 1.91. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 11.68 and a beta of 0.72.

Star Bulk Carriers Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $0.90 per share. 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 is Friday, August 21st. Star Bulk Carriers’s payout ratio is currently 141.18%.

Insider Activity

In related news, Director Nikolaos Karellis sold 20,000 shares of Star Bulk Carriers stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $26.96, for a total value of $539,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Nikolaos Reskos sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $29.50, for a total transaction of $147,500.00. Following the sale, the chief operating officer directly owned 400,875 shares in the company, valued at approximately $11,825,812.50. The trade was a 1.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 75,000 shares of company stock worth $2,058,295 in the last three months. Corporate insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Star Bulk Carriers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Triumph Capital Management acquired a new position in shares of Star Bulk Carriers in the third quarter worth $26,000. Rhumbline Advisers raised its stake in shares of Star Bulk Carriers by 141.7% in the third quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company’s stock valued at $32,000 after acquiring an additional 1,022 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Star Bulk Carriers in the third quarter valued at $33,000. Morse Asset Management Inc purchased a new position in Star Bulk Carriers in the third quarter valued at $37,000. Finally, Leonteq Securities AG purchased a new position in Star Bulk Carriers in the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Company Profile

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.