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

Star Bulk Carriers Corp. (NASDAQ:SBLK) hit a new 52-week high during trading on Wednesday . The company traded as high as $21.50 and last traded at $21.3110, with a volume of 333846 shares changing hands. The stock had previously closed at $21.11.

Analyst Ratings Changes

SBLK has been the subject of several recent analyst reports. Jefferies Financial Group reissued a “buy” rating and set a $22.00 target price on shares of Star Bulk Carriers in a research note on Wednesday, November 19th. Zacks Research upgraded shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 1st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Star Bulk Carriers in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Star Bulk Carriers presently has a consensus rating of “Buy” and a consensus price target of $22.00.

Star Bulk Carriers Stock Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.56 and a current ratio of 1.72. The stock has a fifty day simple moving average of $19.50 and a two-hundred day simple moving average of $18.92. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of 41.04 and a beta of 0.75.

Star Bulk Carriers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 18th. Investors of record on Friday, December 5th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.44 annualized dividend and a yield of 2.1%. This is an increase from Star Bulk Carriers’s previous quarterly dividend of $0.05. Star Bulk Carriers’s dividend payout ratio is 84.62%.

Hedge Funds Weigh In On Star Bulk Carriers

A number of hedge funds have recently made changes to their positions in the stock. Mirabella Financial Services LLP acquired a new stake in Star Bulk Carriers during the 3rd quarter valued at approximately $73,967,000. Alliancebernstein L.P. acquired a new position in Star Bulk Carriers during the 2nd quarter valued at about $64,949,000. Ameriprise Financial Inc. increased its holdings in Star Bulk Carriers by 33.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,166,892 shares of the shipping company’s stock worth $40,283,000 after purchasing an additional 539,567 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Star Bulk Carriers by 59.7% in the first 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 worth $20,204,000 after purchasing an additional 485,436 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in shares of Star Bulk Carriers by 54.3% in the second quarter. Allianz Asset Management GmbH now owns 484,491 shares of the shipping company’s stock valued at $8,357,000 after purchasing an additional 170,502 shares in the last quarter. 33.91% of the stock is currently 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.