Star Bulk Carriers (NASDAQ:SBLK) Upgraded at DNB Markets

DNB Markets upgraded shares of Star Bulk Carriers (NASDAQ:SBLK) from a sell rating to a hold rating in a research note published on Thursday morning, Marketbeat Ratings reports. DNB Markets currently has $20.20 target price on the shipping company’s stock, up from their previous target price of $19.30.

A number of other research analysts have also weighed in on the stock. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and cut their target price for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. StockNews.com raised Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft began coverage on Star Bulk Carriers in a report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 target price on the stock. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $28.00 price target on shares of Star Bulk Carriers in a report on Wednesday, November 20th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Star Bulk Carriers currently has an average rating of “Moderate Buy” and an average price target of $23.80.

Star Bulk Carriers Trading Down 0.4 %

Shares of NASDAQ:SBLK opened at $18.63 on Thursday. Star Bulk Carriers has a 1 year low of $18.52 and a 1 year high of $27.47. The firm has a fifty day moving average price of $20.72 and a 200 day moving average price of $22.57. The company has a current ratio of 1.69, a quick ratio of 1.34 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $1.57 billion, a PE ratio of 6.29 and a beta of 1.00.

Star Bulk Carriers Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.60 per share. The ex-dividend date is Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 12.88%. Star Bulk Carriers’s payout ratio is 94.59%.

Hedge Funds Weigh In On Star Bulk Carriers

Several large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC bought a new position in shares of Star Bulk Carriers in the 2nd quarter worth $32,000. Blue Trust Inc. lifted its stake in Star Bulk Carriers by 190.5% in the third quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock valued at $49,000 after buying an additional 1,328 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Star Bulk Carriers during the second quarter worth about $54,000. Quarry LP grew its position in shares of Star Bulk Carriers by 39.8% during the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after buying an additional 673 shares during the period. Finally, Sunbelt Securities Inc. bought a new stake in shares of Star Bulk Carriers in the 3rd quarter valued at about $57,000. Institutional investors and hedge funds 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.