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

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $14.31 and last traded at $14.49, with a volume of 353088 shares. The stock had previously closed at $14.68.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SBLK shares. DNB Markets raised shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their price target for the company from $19.30 to $20.20 in a report on Thursday, November 21st. Stifel Nicolaus cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and lowered their target price for the company from $30.00 to $21.00 in a research note on Wednesday, October 23rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $28.00 target price on shares of Star Bulk Carriers in a report on Wednesday, November 20th. Finally, StockNews.com cut Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Thursday. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.80.

Star Bulk Carriers Stock Performance

The business’s fifty day simple moving average is $16.13 and its 200-day simple moving average is $19.60. The company has a market capitalization of $1.25 billion, a P/E ratio of 5.01, a P/E/G ratio of 4.30 and a beta of 0.98. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.69.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Thursday, December 5th were given a $0.60 dividend. The ex-dividend date was Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 16.17%. Star Bulk Carriers’s dividend payout ratio is currently 81.08%.

Institutional Trading of Star Bulk Carriers

Large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its position 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 valued at $49,000 after acquiring an additional 1,328 shares during the last quarter. Quarry LP lifted its position in Star Bulk Carriers by 39.8% during 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. Sunbelt Securities Inc. purchased a new position in shares of Star Bulk Carriers in the 3rd quarter worth $57,000. Point72 DIFC Ltd purchased a new position in shares of Star Bulk Carriers in the 2nd quarter worth $72,000. Finally, AM Squared Ltd bought a new stake in shares of Star Bulk Carriers in the 3rd quarter worth about $76,000. Institutional investors 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.