Star Bulk Carriers (NASDAQ:SBLK) Downgraded by StockNews.com

StockNews.com cut shares of Star Bulk Carriers (NASDAQ:SBLK – Get Rating) from a buy rating to a hold rating in a research note released on Wednesday morning.

A number of other research firms also recently commented on SBLK. Stifel Nicolaus reduced their price objective on shares of Star Bulk Carriers from $37.00 to $32.00 in a report on Tuesday, July 19th. Jefferies Financial Group started coverage on shares of Star Bulk Carriers in a report on Wednesday, July 20th. They set a buy rating and a $30.00 price objective for the company.

Star Bulk Carriers Price Performance

NASDAQ:SBLK opened at $25.58 on Wednesday. The company has a 50-day moving average of $26.06 and a 200-day moving average of $27.45. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 2.94 and a beta of 0.94. Star Bulk Carriers has a 52 week low of $17.80 and a 52 week high of $33.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.86 and a current ratio of 2.13.

Star Bulk Carriers (NASDAQ:SBLK – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The shipping company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.25. Star Bulk Carriers had a net margin of 52.61% and a return on equity of 43.74%. During the same quarter in the prior year, the business posted $1.26 earnings per share. As a group, equities research analysts anticipate that Star Bulk Carriers will post 7.56 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 16th. Investors of record on Friday, June 3rd were issued a dividend of $1.65 per share. This represents a $6.60 annualized dividend and a yield of 25.80%. The ex-dividend date was Thursday, June 2nd. Star Bulk Carriers’s dividend payout ratio is currently 75.86%.

Hedge Funds Weigh In On Star Bulk Carriers

Several institutional investors have recently added to or reduced their stakes in SBLK. Edmond DE Rothschild Holding S.A. bought a new position in shares of Star Bulk Carriers in the first quarter worth about $26,000. IronBridge Private Wealth LLC bought a new position in shares of Star Bulk Carriers in the fourth quarter worth about $34,000. GPS Wealth Strategies Group LLC acquired a new position in Star Bulk Carriers during the second quarter valued at approximately $35,000. Geneos Wealth Management Inc. acquired a new position in shares of Star Bulk Carriers in the fourth quarter valued at approximately $47,000. Finally, US Bancorp DE boosted its holdings in shares of Star Bulk Carriers by 360.0% in the second quarter. US Bancorp DE now owns 2,300 shares of the shipping company’s stock valued at $57,000 after buying an additional 1,800 shares during the period. 49.81% of the stock is owned by institutional investors.

Star Bulk Carriers Company Profile

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Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. The company's vessels transport a range of major bulks, including iron ores, coal, and grains, as well as minor bulks, such as bauxite, fertilizers, and steel products. As of December 31, 2021, it had a fleet of 128 vessels with an aggregate capacity of approximately 14.1 million deadweight tons, including 17 Newcastlemax, 24 Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax, and 17 Supramax vessels.