577,316 Shares in Star Bulk Carriers Corp. $SBLK Bought by Fearnley Asset Management AS

Fearnley Asset Management AS purchased a new position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 577,316 shares of the shipping company’s stock, valued at approximately $11,096,000. Star Bulk Carriers accounts for 5.1% of Fearnley Asset Management AS’s portfolio, making the stock its 9th largest holding. Fearnley Asset Management AS owned 0.49% of Star Bulk Carriers as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SBLK. Mirabella Financial Services LLP acquired a new stake in Star Bulk Carriers in the third quarter worth $73,967,000. Alliancebernstein L.P. acquired a new position in shares of Star Bulk Carriers during the second quarter valued at about $64,949,000. Millennium Management LLC boosted its position in shares of Star Bulk Carriers by 1,018.5% during the 4th quarter. Millennium Management LLC now owns 887,056 shares of the shipping company’s stock worth $17,049,000 after purchasing an additional 807,751 shares in the last quarter. Boston Partners boosted its position in shares of Star Bulk Carriers by 424.7% during the 4th quarter. Boston Partners now owns 843,098 shares of the shipping company’s stock worth $16,205,000 after purchasing an additional 682,406 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Star Bulk Carriers by 33.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,166,892 shares of the shipping company’s stock worth $40,283,000 after purchasing an additional 539,567 shares in the last quarter. 33.91% of the stock is owned by institutional investors.

Star Bulk Carriers Stock Performance

SBLK opened at $25.81 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.73 and a quick ratio of 1.55. Star Bulk Carriers Corp. has a fifty-two week low of $16.21 and a fifty-two week high of $28.50. The firm has a market capitalization of $2.93 billion, a PE ratio of 20.65 and a beta of 0.72. The company’s 50-day moving average is $26.12 and its 200 day moving average is $23.39.

Star Bulk Carriers Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Friday, June 12th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, June 12th. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.37. This represents a $2.00 annualized dividend and a dividend yield of 7.7%. Star Bulk Carriers’s payout ratio is presently 160.00%.

Insider Activity at Star Bulk Carriers

In other Star Bulk Carriers news, COO Nikolaos Reskos sold 33,103 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $26.28, for a total transaction of $869,946.84. Following the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nikolaos Karellis sold 20,000 shares of Star Bulk Carriers stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $26.96, for a total transaction of $539,200.00. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 108,103 shares of company stock worth $2,886,212. 0.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on SBLK shares. Zacks Research raised Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 22nd. Jefferies Financial Group increased their price target on Star Bulk Carriers from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $32.00 price objective on shares of Star Bulk Carriers in a research note on Friday, May 22nd. Wall Street Zen raised Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 18th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Star Bulk Carriers in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Star Bulk Carriers currently has an average rating of “Buy” and a consensus price target of $31.50.

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.