Star Bulk Carriers (NASDAQ:SBLK) Reaches New 52-Week Low – Here’s Why

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price hit a new 52-week low on Wednesday . The stock traded as low as $18.92 and last traded at $18.97, with a volume of 3822098 shares. The stock had previously closed at $20.03.

Analysts Set New Price Targets

Several research analysts recently issued reports on SBLK shares. StockNews.com raised Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Wednesday. Stifel Nicolaus downgraded Star Bulk Carriers from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. DNB Markets raised Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $19.30 to $20.20 in a research note on Thursday. Deutsche Bank Aktiengesellschaft assumed 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. Finally, Jefferies Financial Group restated a “buy” rating and issued a $28.00 price target on shares of Star Bulk Carriers in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.80.

Star Bulk Carriers Trading Down 0.4 %

The firm has a 50-day moving average of $20.77 and a 200 day moving average of $22.64. The company has a market cap of $1.57 billion, a P/E ratio of 6.33 and a beta of 1.00. The company has a current ratio of 1.51, a quick ratio of 1.34 and a debt-to-equity ratio of 0.48.

Star Bulk Carriers Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 12.88%. The ex-dividend date of this dividend is Thursday, December 5th. Star Bulk Carriers’s payout ratio is 81.08%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC acquired a new position in Star Bulk Carriers during the 2nd quarter worth approximately $32,000. Blue Trust Inc. increased its holdings in shares of Star Bulk Carriers by 190.5% during the third 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 in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Star Bulk Carriers during the second quarter worth approximately $54,000. Quarry LP lifted its holdings in shares of Star Bulk Carriers by 39.8% in the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after purchasing an additional 673 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new position in shares of Star Bulk Carriers in the 3rd quarter worth $57,000. Institutional investors and hedge funds own 33.91% of the company’s stock.

About Star Bulk Carriers

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.