Star Bulk Carriers (NASDAQ:SBLK) Price Target Raised to $32.00 at Stifel Nicolaus

Star Bulk Carriers (NASDAQ:SBLKFree Report) had its price target upped by Stifel Nicolaus from $28.00 to $32.00 in a research note published on Friday, Benzinga reports. They currently have a buy rating on the shipping company’s stock.

Separately, Jefferies Financial Group reaffirmed a buy rating and set a $30.00 price target on shares of Star Bulk Carriers in a report on Thursday.

Read Our Latest Stock Report on SBLK

Star Bulk Carriers Stock Performance

Shares of NASDAQ SBLK traded up $0.90 during midday trading on Friday, reaching $26.99. 2,167,870 shares of the company were exchanged, compared to its average volume of 1,526,965. The stock has a market cap of $2.27 billion, a P/E ratio of 12.16 and a beta of 1.07. Star Bulk Carriers has a 1 year low of $16.57 and a 1 year high of $27.40. The stock has a fifty day simple moving average of $24.52 and a 200 day simple moving average of $22.49. The company has a current ratio of 1.26, a quick ratio of 1.09 and a debt-to-equity ratio of 0.59.

Star Bulk Carriers Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th will be issued a $0.75 dividend. The ex-dividend date is Thursday, June 6th. This represents a $3.00 dividend on an annualized basis and a yield of 11.12%. This is an increase from Star Bulk Carriers’s previous quarterly dividend of $0.45. Star Bulk Carriers’s dividend payout ratio (DPR) is 81.08%.

Hedge Funds Weigh In On Star Bulk Carriers

Several hedge funds have recently bought and sold shares of the company. Artemis Investment Management LLP grew its stake in Star Bulk Carriers by 112.7% in the 1st quarter. Artemis Investment Management LLP now owns 792,802 shares of the shipping company’s stock worth $18,915,000 after acquiring an additional 420,100 shares during the period. Grand Alliance Asset Management Ltd acquired a new stake in shares of Star Bulk Carriers during the 4th quarter worth $12,756,000. Gilman Hill Asset Management LLC grew its position in Star Bulk Carriers by 0.3% during the first quarter. Gilman Hill Asset Management LLC now owns 404,110 shares of the shipping company’s stock valued at $9,646,000 after acquiring an additional 1,046 shares during the period. Ramirez Asset Management Inc. acquired a new stake in Star Bulk Carriers during the third quarter worth about $7,752,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Star Bulk Carriers in the 1st quarter valued at about $7,814,000. 33.91% of the stock is owned by hedge funds and other institutional investors.

About Star Bulk Carriers

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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.

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