Star Bulk Carriers (NASDAQ:SBLK) Reaches New 12-Month High – Still a Buy?

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $32.98 and last traded at $32.1570, with a volume of 31332 shares changing hands. The stock had previously closed at $32.48.

Wall Street Analysts Forecast Growth

SBLK has been the topic of several research analyst reports. Zacks Research raised shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Weiss Ratings upgraded Star Bulk Carriers from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, August 27th. Finally, Jefferies Financial Group raised their price target on Star Bulk Carriers from $29.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $31.50.

Star Bulk Carriers Price Performance

The company has a market capitalization of $3.67 billion, a PE ratio of 12.63 and a beta of 0.70. The company has a quick ratio of 1.74, a current ratio of 1.91 and a debt-to-equity ratio of 0.32. The firm’s 50-day moving average is $29.29 and its 200-day moving average is $26.66.

Star Bulk Carriers (NASDAQ:SBLK) last released its quarterly earnings results on Wednesday, August 5th. The shipping company reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.26. Star Bulk Carriers had a return on equity of 11.72% and a net margin of 23.87%.The business had revenue of $284.60 million for the quarter, compared to the consensus estimate of $284.29 million. Equities analysts predict that Star Bulk Carriers Corp. will post 4.32 earnings per share for the current fiscal year.

Star Bulk Carriers Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 11.1%. The ex-dividend date was Friday, August 21st. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.50. Star Bulk Carriers’s dividend payout ratio is presently 141.18%.

Insiders Place Their Bets

In other Star Bulk Carriers news, Director Nikolaos Karellis acquired 2,000 shares of the stock in a transaction dated Tuesday, September 15th. The stock was purchased at an average cost of $28.27 per share, for a total transaction of $56,540.00. Following the acquisition, the director owned 9,580 shares in the company, valued at $270,826.60. The trade was a 26.39% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Koert Erhardt acquired 6,000 shares of the stock in a transaction dated Tuesday, September 15th. The stock was acquired at an average price of $28.27 per share, with a total value of $169,620.00. Following the completion of the acquisition, the director owned 16,080 shares in the company, valued at approximately $454,581.60. The trade was a 59.52% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 170,400 shares of company stock valued at $4,817,208 and have sold 81,650 shares valued at $2,488,635.

Institutional Trading of Star Bulk Carriers

Several hedge funds have recently added to or reduced their stakes in the business. Raiffeisen Bank International AG boosted its position in Star Bulk Carriers by 26.3% during the second quarter. Raiffeisen Bank International AG now owns 66,429 shares of the shipping company’s stock valued at $1,659,000 after buying an additional 13,851 shares during the period. BTG Pactual Asset Management US LLC lifted its stake in shares of Star Bulk Carriers by 3.9% in the 2nd quarter. BTG Pactual Asset Management US LLC now owns 53,570 shares of the shipping company’s stock valued at $1,338,000 after acquiring an additional 1,986 shares during the last quarter. Headlands Technologies LLC lifted its stake in shares of Star Bulk Carriers by 0.8% in the 2nd quarter. Headlands Technologies LLC now owns 66,333 shares of the shipping company’s stock valued at $1,656,000 after acquiring an additional 518 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Star Bulk Carriers during the 2nd quarter valued at about $1,371,000. Finally, Bank of America Corp DE boosted its holdings in Star Bulk Carriers by 48.5% during the 1st quarter. Bank of America Corp DE now owns 565,562 shares of the shipping company’s stock valued at $12,991,000 after acquiring an additional 184,837 shares during the period. 33.91% of the stock is owned by institutional investors.

About Star Bulk Carriers

Star Bulk Carriers Corp. is a global dry bulk shipping company that owns and operates vessels used to transport major and minor bulk commodities. Its fleet serves the international supply chains for iron ore, grain, bauxite, fertilizers, steel products and other dry cargoes.

The company operates a diversified fleet that includes large Capesize and Newcastlemax vessels as well as Panamax, Ultramax and Supramax bulk carriers. Star Bulk’s vessels serve customers and ports across major shipping routes worldwide, supporting commodity trade between producers, exporters and end markets.

Star Bulk Carriers was founded in 2006 and is headquartered in Maroussi, Greece, with the company incorporated in the Marshall Islands.