Star Bulk Carriers (NASDAQ:SBLK) Issues Quarterly Earnings Results

Star Bulk Carriers (NASDAQ:SBLK) announced its quarterly earnings results on Wednesday. The shipping company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09, Zacks reports. Star Bulk Carriers had a return on equity of 3.89% and a net margin of 8.07%.

Star Bulk Carriers Stock Up 2.3%

Star Bulk Carriers stock traded up $0.61 during midday trading on Wednesday, reaching $26.69. The company’s stock had a trading volume of 1,424,000 shares, compared to its average volume of 1,417,893. The stock’s 50-day simple moving average is $24.35 and its 200-day simple moving average is $22.13. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.78 and a quick ratio of 1.65. Star Bulk Carriers has a 52-week low of $15.78 and a 52-week high of $27.69. The stock has a market capitalization of $3.03 billion, a P/E ratio of 36.56 and a beta of 0.71.

Star Bulk Carriers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Monday, March 9th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 5.5%. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.11. The ex-dividend date was Monday, March 9th. Star Bulk Carriers’s dividend payout ratio (DPR) is 202.74%.

Insider Buying and Selling

In other Star Bulk Carriers news, COO Nikolaos Reskos sold 33,103 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $26.28, for a total value of $869,946.84. Following the completion of the sale, the chief operating officer directly owned 407,775 shares in the company, valued at approximately $10,716,327. This trade represents a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 43,189 shares of company stock valued at $1,122,645 in the last three months.

Institutional Investors Weigh In On Star Bulk Carriers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Triumph Capital Management purchased a new stake in Star Bulk Carriers in the third quarter valued at about $26,000. Rhumbline Advisers grew its holdings in shares of Star Bulk Carriers by 141.7% during the third quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company’s stock valued at $32,000 after buying an additional 1,022 shares during the last quarter. Sunbelt Securities Inc. purchased a new stake in shares of Star Bulk Carriers during the third quarter valued at $33,000. Morse Asset Management Inc purchased a new stake in shares of Star Bulk Carriers during the third quarter valued at $37,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Star Bulk Carriers by 135.2% during the second quarter. Tower Research Capital LLC TRC now owns 2,420 shares of the shipping company’s stock valued at $42,000 after buying an additional 1,391 shares during the last quarter. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SBLK shares. Wall Street Zen upgraded Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 18th. Jefferies Financial Group started coverage on Star Bulk Carriers in a report on Friday, April 24th. They issued a “buy” rating and a $29.00 price target on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Star Bulk Carriers in a report on Friday, March 27th. Finally, Zacks Research upgraded shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Star Bulk Carriers presently has an average rating of “Buy” and a consensus target price of $29.00.

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.