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

StockNews.com downgraded shares of Star Bulk Carriers (NASDAQ:SBLK) from a buy rating to a hold rating in a report published on Thursday morning.

Several other brokerages have also recently issued reports on SBLK. Stifel Nicolaus cut 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. DNB Markets upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their price target for the stock from $19.30 to $20.20 in a research note on Thursday, November 21st. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $28.00 price target on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.80.

Star Bulk Carriers Stock Performance

Shares of Star Bulk Carriers stock opened at $14.81 on Thursday. The business’s fifty day simple moving average is $15.92 and its 200-day simple moving average is $19.51. The company has a quick ratio of 1.50, a current ratio of 1.69 and a debt-to-equity ratio of 0.44. The firm has a market cap of $1.24 billion, a PE ratio of 5.00, a price-to-earnings-growth ratio of 4.30 and a beta of 0.98. Star Bulk Carriers has a 52 week low of $14.30 and a 52 week high of $27.47.

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 16.21%. The ex-dividend date of this dividend was Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio is currently 81.08%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. increased its holdings in shares of Star Bulk Carriers by 51.3% during the 4th quarter. Blue Trust Inc. now owns 3,063 shares of the shipping company’s stock worth $46,000 after buying an additional 1,038 shares during the last quarter. Quarry LP grew its stake in Star Bulk Carriers by 39.8% during the third 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. Sunbelt Securities Inc. acquired a new stake in shares of Star Bulk Carriers in the third quarter worth $57,000. Point72 DIFC Ltd acquired a new position in shares of Star Bulk Carriers during the 2nd quarter valued at $72,000. Finally, AM Squared Ltd purchased a new position in Star Bulk Carriers in the third quarter valued at about $76,000. Institutional investors and hedge funds own 33.91% of the company’s stock.

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.