Star Bulk Carriers (NASDAQ:SBLK) Reaches New 52-Week High – Here’s Why

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $23.26 and last traded at $22.74, with a volume of 1814411 shares changing hands. The stock had previously closed at $22.90.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Jefferies Financial Group reaffirmed 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 lowered shares of Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a report on Friday, January 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Star Bulk Carriers in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.00.

Star Bulk Carriers Trading Down 2.3%

The stock’s fifty day simple moving average is $20.11 and its two-hundred day simple moving average is $19.20. The firm has a market cap of $2.66 billion, a PE ratio of 43.44 and a beta of 0.79. The company has a quick ratio of 1.56, a current ratio of 1.72 and a debt-to-equity ratio of 0.36.

Star Bulk Carriers Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 18th. Stockholders of record on Friday, December 5th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, December 5th. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.05. Star Bulk Carriers’s payout ratio is 84.62%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Glenorchy Capital Ltd grew its position in Star Bulk Carriers by 9.4% in the 4th quarter. Glenorchy Capital Ltd now owns 30,319 shares of the shipping company’s stock worth $583,000 after purchasing an additional 2,607 shares during the period. Blue Trust Inc. grew its holdings in shares of Star Bulk Carriers by 68.4% in the fourth quarter. Blue Trust Inc. now owns 5,557 shares of the shipping company’s stock worth $107,000 after acquiring an additional 2,258 shares during the period. USA Financial Formulas purchased a new stake in Star Bulk Carriers during the fourth quarter valued at $26,000. DAVENPORT & Co LLC increased its position in Star Bulk Carriers by 6.2% during the fourth quarter. DAVENPORT & Co LLC now owns 21,491 shares of the shipping company’s stock valued at $413,000 after acquiring an additional 1,256 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Star Bulk Carriers by 101.0% in the third quarter. JPMorgan Chase & Co. now owns 99,439 shares of the shipping company’s stock valued at $1,849,000 after acquiring an additional 49,968 shares during the period. 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.