Star Bulk Carriers (NASDAQ:SBLK) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Star Bulk Carriers Corp. (NASDAQ:SBLK) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $22.58 and traded as high as $27.41. Star Bulk Carriers shares last traded at $27.25, with a volume of 1,592,510 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SBLK shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Star Bulk Carriers in a research note on Friday, March 27th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $32.00 price objective on shares of Star Bulk Carriers in a research note on Friday, May 22nd. Wall Street Zen raised shares of Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 18th. Zacks Research raised shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 22nd. Finally, Jefferies Financial Group increased their target price 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. One investment 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $31.50.

Star Bulk Carriers Stock Performance

The stock’s 50-day moving average is $25.02 and its 200-day moving average is $22.58. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 21.80 and a beta of 0.71. The company has a current ratio of 1.73, a quick ratio of 1.65 and a debt-to-equity ratio of 0.32.

Star Bulk Carriers (NASDAQ:SBLK) last posted its earnings results on Wednesday, February 25th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. The firm had revenue of $230.79 million during the quarter, compared to the consensus estimate of $250.51 million. Star Bulk Carriers had a net margin of 13.01% and a return on equity of 6.81%. On average, analysts expect that Star Bulk Carriers Corp. will post 3.85 EPS for the current year.

Star Bulk Carriers Increases Dividend

The firm 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. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, June 12th. This represents a $2.00 dividend on an annualized basis and a yield of 7.3%. Star Bulk Carriers’s dividend payout ratio is currently 118.40%.

Insider Transactions at Star Bulk Carriers

In related news, COO Nikolaos Reskos sold 30,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $27.29, for a total transaction of $818,700.00. Following the completion of the sale, the chief operating officer owned 367,775 shares of the company’s stock, valued at approximately $10,036,579.75. This represents a 7.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 83,103 shares of company stock worth $2,204,562. 0.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Star Bulk Carriers

Several large investors have recently bought and sold shares of the company. Alliancebernstein L.P. grew its position in Star Bulk Carriers by 44.6% in the third quarter. Alliancebernstein L.P. now owns 5,446,191 shares of the shipping company’s stock valued at $101,245,000 after acquiring an additional 1,681,036 shares in the last quarter. Mirabella Financial Services LLP acquired a new stake in Star Bulk Carriers in the third quarter valued at approximately $73,967,000. Ameriprise Financial Inc. grew its position in Star Bulk Carriers by 33.2% in the third quarter. Ameriprise Financial Inc. now owns 2,166,892 shares of the shipping company’s stock valued at $40,283,000 after acquiring an additional 539,567 shares in the last quarter. Renaissance Technologies LLC grew its position in Star Bulk Carriers by 13.0% in the first quarter. Renaissance Technologies LLC now owns 2,067,637 shares of the shipping company’s stock valued at $47,494,000 after acquiring an additional 237,248 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Star Bulk Carriers by 59.7% in the first 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 valued at $20,204,000 after acquiring an additional 485,436 shares in the last quarter. Institutional investors and hedge funds own 33.91% of the company’s stock.

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.