Star Bulk Carriers (NASDAQ:SBLK) Reaches New 12-Month High – Here’s What Happened

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $20.90 and last traded at $20.90, with a volume of 1230686 shares trading hands. The stock had previously closed at $20.61.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Jefferies Financial Group reissued a “buy” rating and set a $22.00 target price on shares of Star Bulk Carriers in a research report on Wednesday, November 19th. Zacks Research raised shares of Star Bulk Carriers from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Star Bulk Carriers in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $22.00.

Star Bulk Carriers Stock Up 1.4%

The stock has a market cap of $2.46 billion, a P/E ratio of 40.19 and a beta of 0.75. The company’s 50 day moving average price is $19.32 and its two-hundred day moving average price is $18.83. The company has a quick ratio of 1.56, a current ratio of 1.72 and a debt-to-equity ratio of 0.36.

Star Bulk Carriers Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 18th. Stockholders of record on Friday, December 5th were paid a dividend of $0.11 per share. This is an increase from Star Bulk Carriers’s previous quarterly dividend of $0.05. This represents a $0.44 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Friday, December 5th. Star Bulk Carriers’s payout ratio is 84.62%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SBLK. USA Financial Formulas bought a new position in shares of Star Bulk Carriers during the fourth quarter valued at approximately $26,000. DAVENPORT & Co LLC lifted its holdings in Star Bulk Carriers by 6.2% during the fourth quarter. DAVENPORT & Co LLC now owns 21,491 shares of the shipping company’s stock worth $413,000 after buying an additional 1,256 shares during the period. JPMorgan Chase & Co. raised its position in shares of Star Bulk Carriers by 101.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 99,439 shares of the shipping company’s stock worth $1,849,000 after acquiring an additional 49,968 shares in the last quarter. Triumph Capital Management purchased a new stake in shares of Star Bulk Carriers during the 3rd quarter worth $26,000. Finally, Mirabella Financial Services LLP bought a new stake in Star Bulk Carriers during the third quarter valued at about $2,822,000. Hedge funds and other institutional investors 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.