Star Bulk Carriers (NASDAQ:SBLK) Lowered to Hold Rating by StockNews.com

StockNews.com lowered shares of Star Bulk Carriers (NASDAQ:SBLK) from a buy rating to a hold rating in a research note issued to investors on Thursday.

A number of other equities analysts have also issued reports on SBLK. DNB Markets upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating and raised their target price for the stock from $19.30 to $20.20 in a research note on Thursday, November 21st. Jefferies Financial Group restated a “buy” rating and issued a $28.00 price objective on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft initiated coverage on Star Bulk Carriers in a research report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 target price on the stock. Finally, Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and reduced their price target for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $23.80.

Star Bulk Carriers Trading Down 1.9 %

Shares of Star Bulk Carriers stock opened at $15.15 on Thursday. The firm’s 50 day simple moving average is $19.01 and its two-hundred day simple moving average is $21.62. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of 5.12, a PEG ratio of 4.04 and a beta of 0.96. Star Bulk Carriers has a 12-month low of $15.06 and a 12-month high of $27.47. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44.

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Thursday, December 5th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 15.84%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio is presently 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

A number of large investors have recently modified their holdings of the business. Nisa Investment Advisors LLC acquired a new position in Star Bulk Carriers during the second quarter worth about $32,000. Blue Trust Inc. boosted its holdings in shares of Star Bulk Carriers by 190.5% during the 3rd quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock worth $49,000 after purchasing an additional 1,328 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Star Bulk Carriers in the second quarter valued at approximately $54,000. Quarry LP increased its holdings in shares of Star Bulk Carriers by 39.8% in the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 673 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Star Bulk Carriers during the third quarter worth approximately $57,000. Hedge funds and other institutional investors own 33.91% of the company’s stock.

About Star Bulk Carriers

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. Its vessels transport a range of bulk commodities, including iron ores, minerals and grains, bauxite, fertilizers, and steel products. As of December 31, 2023, the company owned a fleet of 116 dry bulk vessels with combined carrying capacity of 13.1 million deadweight tonnage (dwt) consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.