Star Bulk Carriers (NASDAQ:SBLK) COO Nikolaos Reskos Sells 33,103 Shares

Star Bulk Carriers Corp. (NASDAQ:SBLK) COO Nikolaos Reskos sold 33,103 shares of Star Bulk Carriers stock in a transaction that occurred 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 completion of the transaction, the chief operating officer directly owned 407,775 shares in the company, valued at approximately $10,716,327. The trade was a 7.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nikolaos Reskos also recently made the following trade(s):

• On Tuesday, May 19th, Nikolaos Reskos sold 86 shares of Star Bulk Carriers stock. The stock was sold at an average price of $26.49, for a total transaction of $2,278.14.
• On Wednesday, April 15th, Nikolaos Reskos sold 8,406 shares of Star Bulk Carriers stock. The stock was sold at an average price of $25.05, for a total transaction of $210,570.30.
• On Tuesday, April 14th, Nikolaos Reskos sold 1,594 shares of Star Bulk Carriers stock. The stock was sold at an average price of $25.00, for a total transaction of $39,850.00.

Star Bulk Carriers Stock Up 2.3%

NASDAQ:SBLK opened at $26.69 on Thursday. The company has a market cap of $3.03 billion, a PE ratio of 36.56 and a beta of 0.71. Star Bulk Carriers Corp. has a twelve month low of $15.78 and a twelve month high of $27.69. The company has a current ratio of 1.78, a quick ratio of 1.65 and a debt-to-equity ratio of 0.34. The company’s 50 day moving average is $24.40 and its two-hundred day moving average is $22.18.

Star Bulk Carriers (NASDAQ:SBLK) last released its earnings results on Wednesday, February 25th. The shipping company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.10. Star Bulk Carriers had a net margin of 8.07% and a return on equity of 3.89%. The company had revenue of $230.79 million for the quarter, compared to the consensus estimate of $250.51 million. Analysts anticipate that Star Bulk Carriers Corp. will post 3.85 EPS for the current year.

Star Bulk Carriers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 12th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 7.5%. The ex-dividend date is Friday, June 12th. This is a positive change from Star Bulk Carriers’s previous quarterly dividend of $0.37. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 202.74%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wall Street Zen upgraded shares of Star Bulk Carriers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 18th. Weiss Ratings restated a “hold (c)” rating on shares of Star Bulk Carriers in a research report on Friday, March 27th. Zacks Research raised shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 22nd. Finally, Jefferies Financial Group started coverage on shares of Star Bulk Carriers in a report on Friday, April 24th. They set a “buy” rating and a $29.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Star Bulk Carriers currently has a consensus rating of “Buy” and a consensus price target of $29.00.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Allianz Asset Management GmbH lifted its position in shares of Star Bulk Carriers by 34.8% during the third quarter. Allianz Asset Management GmbH now owns 652,982 shares of the shipping company’s stock worth $12,139,000 after purchasing an additional 168,491 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Star Bulk Carriers by 101.0% during the third quarter. JPMorgan Chase & Co. now owns 99,439 shares of the shipping company’s stock worth $1,849,000 after purchasing an additional 49,968 shares in the last quarter. Mirabella Financial Services LLP acquired a new stake in Star Bulk Carriers in the third quarter valued at approximately $2,822,000. Glenorchy Capital Ltd raised its holdings in Star Bulk Carriers by 9.4% in the fourth quarter. Glenorchy Capital Ltd now owns 30,319 shares of the shipping company’s stock valued at $583,000 after acquiring an additional 2,607 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in Star Bulk Carriers by 68.4% in the fourth quarter. Blue Trust Inc. now owns 5,557 shares of the shipping company’s stock valued at $107,000 after acquiring an additional 2,258 shares in the last quarter. Institutional investors and hedge funds own 33.91% of the company’s stock.

More Star Bulk Carriers News

Here are the key news stories impacting Star Bulk Carriers this week:

• Positive Sentiment: Star Bulk beat Q1 earnings and revenue expectations, signaling stronger-than-expected operating performance in the dry bulk shipping market.
• Positive Sentiment: The company reported a quarterly net profit of $58.5 million and resumed/continued a sizable $0.50 per-share dividend, reinforcing cash-generation and shareholder-return appeal.
• Neutral Sentiment: A recent valuation note highlighted that Star Bulk has already rallied sharply this year, which may mean investors are also weighing whether the stock’s gains are getting ahead of fundamentals.
• Neutral Sentiment: Insider sales by the COO were disclosed, but they were made under a pre-arranged 10b5-1 plan and appear limited in size, so they are unlikely to be the main driver today.

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.