Star Bulk Carriers (NASDAQ:SBLK) Sets New 1-Year Low – Here’s What Happened

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $18.43 and last traded at $18.48, with a volume of 200989 shares trading hands. The stock had previously closed at $18.65.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. DNB Markets upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating and upped 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 report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft started coverage on shares of Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price for the company. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their price target for the stock from $30.00 to $21.00 in a report on Wednesday, October 23rd. Finally, StockNews.com raised shares of Star Bulk Carriers from a “hold” rating to a “buy” rating 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.80.

Star Bulk Carriers Price Performance

The stock has a market capitalization of $1.47 billion, a PE ratio of 5.93, a P/E/G ratio of 4.86 and a beta of 1.00. The firm’s 50 day simple moving average is $20.54 and its 200 day simple moving average is $22.40. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.69 and a quick ratio of 1.50.

Star Bulk Carriers Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $2.40 annualized dividend and a dividend yield of 13.68%. Star Bulk Carriers’s dividend payout ratio is currently 94.59%.

Hedge Funds Weigh In On Star Bulk Carriers

A number of large investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC purchased a new stake in shares of Star Bulk Carriers during the second quarter valued at approximately $32,000. Blue Trust Inc. boosted its position in Star Bulk Carriers by 190.5% during the 3rd 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 stake in Star Bulk Carriers in the 2nd quarter worth $54,000. Quarry LP increased its position 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 acquiring an additional 673 shares during the period. Finally, Sunbelt Securities Inc. bought a new position in shares of Star Bulk Carriers during the third quarter valued at about $57,000. 33.91% of the stock is owned by hedge funds and other institutional investors.

Star Bulk Carriers Company Profile

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.