Star Bulk Carriers (NASDAQ:SBLK) Sets New 12-Month High – What’s Next?

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $27.20 and last traded at $26.2750, with a volume of 458727 shares traded. The stock had previously closed at $26.29.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SBLK shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Star Bulk Carriers in a report on Monday, December 29th. Jefferies Financial Group restated a “buy” rating and issued a $22.00 target price on shares of Star Bulk Carriers in a report on Wednesday, November 19th. Finally, Zacks Research downgraded shares of Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 30th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $22.00.

Star Bulk Carriers Price Performance

The company’s fifty day moving average is $21.85 and its 200 day moving average is $19.89. The company has a quick ratio of 1.56, a current ratio of 1.72 and a debt-to-equity ratio of 0.36. The stock has a market cap of $3.15 billion, a PE ratio of 36.63 and a beta of 0.79.

Star Bulk Carriers Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Monday, March 9th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 5.5%. The ex-dividend date is Monday, March 9th. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.11. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 202.74%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SBLK. Mirabella Financial Services LLP purchased a new stake in shares of Star Bulk Carriers in the third quarter worth about $73,967,000. Alliancebernstein L.P. acquired a new position in Star Bulk Carriers during the 2nd quarter worth approximately $64,949,000. Millennium Management LLC lifted its position in 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 acquiring an additional 807,751 shares in the last quarter. Boston Partners boosted its holdings in Star Bulk Carriers by 424.7% in the 4th quarter. Boston Partners now owns 843,098 shares of the shipping company’s stock worth $16,205,000 after acquiring an additional 682,406 shares during the period. Finally, 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. 33.91% of the stock is owned by hedge funds and other institutional investors.

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.