Star Bulk Carriers (NASDAQ:SBLK) Hits New 52-Week High – Here’s What Happened

Star Bulk Carriers Corp. (NASDAQ:SBLK) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $23.27 and last traded at $23.2150, with a volume of 366451 shares traded. The stock had previously closed at $22.72.

Analysts Set New Price Targets

SBLK has been the subject of a number of analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Star Bulk Carriers in a report on Monday, December 29th. Zacks Research lowered Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 30th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $22.00 target price on shares of Star Bulk Carriers in a research note on Wednesday, November 19th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Star Bulk Carriers presently has an average rating of “Hold” and a consensus price target of $22.00.

Star Bulk Carriers Trading Up 2.6%

The company has a current ratio of 1.72, a quick ratio of 1.56 and a debt-to-equity ratio of 0.36. The company has a market cap of $2.82 billion, a price-to-earnings ratio of 46.10 and a beta of 0.79. The firm has a 50-day moving average price of $20.47 and a 200 day moving average price of $19.37.

Star Bulk Carriers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 18th. Shareholders of record on Friday, December 5th were paid a dividend of $0.11 per share. The ex-dividend date was Friday, December 5th. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.05. This represents a $0.44 annualized dividend and a yield of 1.8%. Star Bulk Carriers’s payout ratio is presently 84.62%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Alliancebernstein L.P. grew its position in shares of Star Bulk Carriers by 44.6% during the 3rd quarter. Alliancebernstein L.P. now owns 5,446,191 shares of the shipping company’s stock valued at $101,245,000 after buying an additional 1,681,036 shares during the last quarter. Mirabella Financial Services LLP bought a new position in shares of Star Bulk Carriers during the third quarter valued at approximately $73,967,000. Ameriprise Financial Inc. grew its holdings in shares of Star Bulk Carriers by 33.2% during the third 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position 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 worth $20,204,000 after purchasing an additional 485,436 shares during the period. Finally, Focus Partners Wealth lifted its holdings in shares of Star Bulk Carriers by 4.4% in the 3rd quarter. Focus Partners Wealth now owns 998,094 shares of the shipping company’s stock worth $18,555,000 after purchasing an additional 42,522 shares during 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.