Star Bulk Carriers (NASDAQ:SBLK) Shares Gap Up to $21.95

Star Bulk Carriers Corp. (NASDAQ:SBLK – Get Rating) gapped up before the market opened on Wednesday . The stock had previously closed at $21.95, but opened at $22.64. Star Bulk Carriers shares last traded at $21.99, with a volume of 68,734 shares trading hands.

Wall Street Analyst Weigh In

SBLK has been the subject of several research analyst reports. StockNews.com began coverage on shares of Star Bulk Carriers in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Jefferies Financial Group lowered their price objective on Star Bulk Carriers from $30.00 to $26.00 and set a “buy” rating for the company in a report on Monday, September 26th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Star Bulk Carriers from $40.00 to $33.00 in a report on Thursday, October 27th.

Star Bulk Carriers Price Performance

The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.75 and a current ratio of 2.07. The company’s fifty day moving average price is $19.91 and its 200 day moving average price is $21.04. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of 2.87 and a beta of 1.01.

Star Bulk Carriers (NASDAQ:SBLK – Get Rating) last issued its earnings results on Wednesday, November 16th. The shipping company reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.09). The company had revenue of $364.14 million during the quarter, compared to analyst estimates of $339.48 million. Star Bulk Carriers had a net margin of 47.52% and a return on equity of 39.28%. Equities research analysts expect that Star Bulk Carriers Corp. will post 5.79 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 12th. Shareholders of record on Wednesday, November 30th were given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 21.98%. The ex-dividend date was Tuesday, November 29th. Star Bulk Carriers’s dividend payout ratio is presently 62.99%.

Hedge Funds Weigh In On Star Bulk Carriers

Several hedge funds and other institutional investors have recently modified their holdings of SBLK. GPS Wealth Strategies Group LLC bought a new stake in Star Bulk Carriers in the 2nd quarter valued at about $35,000. CoreCap Advisors LLC bought a new stake in shares of Star Bulk Carriers during the second quarter valued at approximately $36,000. Private Trust Co. NA acquired a new position in shares of Star Bulk Carriers during the second quarter worth approximately $42,000. Optimum Investment Advisors grew its holdings in Star Bulk Carriers by 100.0% in the 3rd quarter. Optimum Investment Advisors now owns 2,000 shares of the shipping company’s stock worth $35,000 after buying an additional 1,000 shares in the last quarter. Finally, US Bancorp DE increased its position in Star Bulk Carriers by 360.0% in the 2nd quarter. US Bancorp DE now owns 2,300 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 1,800 shares during the period. Institutional investors and hedge funds own 46.29% of the company’s stock.

Star Bulk Carriers Company Profile

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Star Bulk Carriers Corp. provides seaborne transportation solutions in the dry bulk sector. The firm’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. The company was founded by Petros Alexandros Pappas on December 13, 2006 and is headquartered in Athens, Greece.