Impala Asset Management LLC Sells 47,000 Shares of Star Bulk Carriers Corp. $SBLK

Impala Asset Management LLC lowered its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 28.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,000 shares of the shipping company’s stock after selling 47,000 shares during the quarter. Star Bulk Carriers comprises approximately 1.3% of Impala Asset Management LLC’s investment portfolio, making the stock its 15th biggest position. Impala Asset Management LLC’s holdings in Star Bulk Carriers were worth $2,756,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SBLK. USA Financial Formulas acquired a new position in Star Bulk Carriers in the 4th quarter valued at $26,000. Triumph Capital Management acquired a new stake in shares of Star Bulk Carriers during the 3rd quarter worth $26,000. Rhumbline Advisers grew its holdings in shares of Star Bulk Carriers by 141.7% during the 3rd quarter. Rhumbline Advisers now owns 1,743 shares of the shipping company’s stock worth $32,000 after purchasing an additional 1,022 shares in the last quarter. Sunbelt Securities Inc. bought a new position in shares of Star Bulk Carriers in the third quarter worth $33,000. Finally, Leonteq Securities AG bought a new position in shares of Star Bulk Carriers in the fourth quarter worth $38,000. Institutional investors own 33.91% of the company’s stock.

Wall Street Analyst Weigh In

SBLK has been the subject of several recent analyst reports. Zacks Research cut shares of Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Wall Street Zen raised shares of Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 18th. 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. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Star Bulk Carriers in a report on Wednesday, June 24th. Finally, Jefferies Financial Group increased their price target on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.50.

Insider Activity

In other Star Bulk Carriers news, Director Nikolaos Karellis sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $26.96, for a total transaction of $539,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $869,946.84. Following the completion of the transaction, the chief operating officer directly owned 407,775 shares of the company’s stock, valued at $10,716,327. This trade represents a 7.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 98,103 shares of company stock valued at $2,635,792. Insiders own 0.90% of the company’s stock.

Star Bulk Carriers Price Performance

Star Bulk Carriers stock opened at $26.77 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.55 and a current ratio of 1.73. Star Bulk Carriers Corp. has a 52 week low of $16.72 and a 52 week high of $28.50. The stock has a market capitalization of $3.04 billion, a P/E ratio of 21.42 and a beta of 0.72. The stock has a fifty day moving average of $26.39 and a 200-day moving average of $24.49.

Star Bulk Carriers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Friday, June 12th were given a $0.50 dividend. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.37. This represents a $2.00 dividend on an annualized basis and a yield of 7.5%. The ex-dividend date was Friday, June 12th. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 160.00%.

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.