Gilman Hill Asset Management CEO Jenny Harrington explained in a latest program on CNBC why she’s selling SBLK. The analyst said the stock paid “huge” dividends over the past few years and her investment was successful.
“This was such a home run of an investment. We actually had 117% total return in those four years because they were paying out huge, huge, huge dividends. So when we bought it, dry bulk shipping rates were high and the inventory of dry bulk ships was reasonably low. So they were just returning cash flow to the shareholders. They ended up making an acquisition, slightly changing their capital allocation priorities, not having this juicy dividend. And that’s fine. I made my money and then some on it. So I sold it. It’s a source of funds.”
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