Star Bulk Carriers (NASDAQ:SBLK) Reaches New 12-Month Low – What’s Next?

Star Bulk Carriers Corp. (NASDAQ:SBLK) reached a new 52-week low on Tuesday . The stock traded as low as $18.43 and last traded at $18.48, with a volume of 200989 shares trading hands. The stock had previously closed at $18.65.

Wall Street Analyst Weigh In

SBLK has been the subject of several research reports. Stifel Nicolaus cut Star Bulk Carriers from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $30.00 to $21.00 in a report on Wednesday, October 23rd. DNB Markets upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and boosted their price objective for the stock from $19.30 to $20.20 in a research report on Thursday, November 21st. StockNews.com upgraded shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Star Bulk Carriers in a report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target on the stock. Finally, Jefferies Financial Group restated a “buy” rating and set a $28.00 price objective on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.80.

Star Bulk Carriers Trading Down 1.0 %

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 capitalization of $1.55 billion, a PE ratio of 6.30, a P/E/G ratio of 4.26 and a beta of 1.00. The business’s fifty day moving average price is $20.67 and its 200 day moving average price is $22.49.

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 $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $2.40 annualized dividend and a yield of 12.99%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 94.59%.

Hedge Funds Weigh In On Star Bulk Carriers

Several institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC grew its holdings in Star Bulk Carriers by 8.4% in the 1st quarter. Tidal Investments LLC now owns 53,139 shares of the shipping company’s stock valued at $1,268,000 after buying an additional 4,127 shares during the period. DNB Asset Management AS purchased a new stake in Star Bulk Carriers in the second quarter valued at approximately $9,694,000. Astoria Portfolio Advisors LLC. increased its position in Star Bulk Carriers by 6.6% during the second quarter. Astoria Portfolio Advisors LLC. now owns 25,988 shares of the shipping company’s stock worth $634,000 after purchasing an additional 1,600 shares during the last quarter. Unison Advisors LLC purchased a new position in Star Bulk Carriers during the second quarter worth approximately $794,000. Finally, Artemis Investment Management LLP boosted its holdings in shares of Star Bulk Carriers by 29.4% in the 2nd quarter. Artemis Investment Management LLP now owns 1,025,802 shares of the shipping company’s stock valued at $25,009,000 after purchasing an additional 233,000 shares during the last quarter. 33.91% of the stock is currently owned by institutional investors and hedge funds.

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.