Star Bulk Carriers (NASDAQ:SBLK) Director Mahesh Balakrishnan Sells 10,000 Shares

Star Bulk Carriers Corp. (NASDAQ:SBLK) Director Mahesh Balakrishnan sold 10,000 shares of the stock in a transaction on Friday, September 18th. The stock was sold at an average price of $32.34, for a total value of $323,400.00. Following the completion of the sale, the director directly owned 29,080 shares in the company, valued at $940,447.20. This represents a 25.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Star Bulk Carriers Trading Down 2.3%

Shares of NASDAQ:SBLK opened at $31.73 on Tuesday. The company’s 50-day moving average price is $29.40 and its 200 day moving average price is $26.70. Star Bulk Carriers Corp. has a fifty-two week low of $16.72 and a fifty-two week high of $32.88. The company has a market cap of $3.60 billion, a PE ratio of 12.44 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.

Star Bulk Carriers (NASDAQ:SBLK) last issued its quarterly earnings data on Wednesday, August 5th. The shipping company reported $1.21 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $284.29 million. Sell-side analysts anticipate that Star Bulk Carriers Corp. will post 4.32 earnings per share for the current year.

Star Bulk Carriers Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders 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 11.3%. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.50. The ex-dividend date was Friday, August 21st. Star Bulk Carriers’s payout ratio is currently 141.18%.

Institutional Investors Weigh In On Star Bulk Carriers

Several institutional investors have recently made changes to their positions in SBLK. Renaissance Technologies LLC increased its stake in shares of 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 worth $47,494,000 after purchasing an additional 237,248 shares during the period. Cooper Creek Partners Management LLC bought a new stake in Star Bulk Carriers during the 1st quarter valued at approximately $19,893,000. Arrowstreet Capital Limited Partnership acquired a new stake in Star Bulk Carriers in the 1st quarter valued at approximately $17,398,000. Fearnley Asset Management AS acquired a new stake in Star Bulk Carriers in the 4th quarter valued at approximately $11,096,000. Finally, Bank of America Corp DE lifted its holdings in shares of Star Bulk Carriers by 48.5% during the first quarter. Bank of America Corp DE now owns 565,562 shares of the shipping company’s stock worth $12,991,000 after buying an additional 184,837 shares during the last quarter. 33.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SBLK has been the subject of a number of research reports. Zacks Research cut shares of Star Bulk Carriers from a “strong-buy” rating to a “hold” rating in a report on Friday. Jefferies Financial Group upped their price target on shares of Star Bulk Carriers from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, Weiss Ratings raised Star Bulk Carriers from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Star Bulk Carriers Company Profile

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.