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

Star Bulk Carriers Corp. (NASDAQ:SBLK) reached a new 52-week low during trading on Monday . The company traded as low as $16.87 and last traded at $17.04, with a volume of 314036 shares changing hands. The stock had previously closed at $17.32.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. DNB Markets raised shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and increased their target price for the company from $19.30 to $20.20 in a research report on Thursday, November 21st. Jefferies Financial Group restated a “buy” rating and issued a $28.00 target price on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. StockNews.com upgraded shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft began coverage on shares of Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price objective for the company. Finally, Stifel Nicolaus cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and reduced their price objective for the company from $30.00 to $21.00 in a research note on Wednesday, October 23rd. Two investment 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, Star Bulk Carriers presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.80.

Star Bulk Carriers Trading Down 0.6 %

The business’s 50-day moving average price is $20.37 and its two-hundred day moving average price is $22.27. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.69 and a quick ratio of 1.50. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 5.76, a price-to-earnings-growth ratio of 4.51 and a beta of 1.00.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 13.95%. The ex-dividend date of this dividend is Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio is presently 94.59%.

Hedge Funds Weigh In On Star Bulk Carriers

Institutional investors have recently modified their holdings of the company. Sunbelt Securities Inc. acquired a new position in Star Bulk Carriers during the third quarter worth approximately $57,000. Geode Capital Management LLC boosted its stake in shares of Star Bulk Carriers by 359.3% in the third quarter. Geode Capital Management LLC now owns 457,274 shares of the shipping company’s stock valued at $10,833,000 after purchasing an additional 357,720 shares during the period. Barclays PLC boosted its stake in shares of Star Bulk Carriers by 7,313.4% in the third quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock valued at $10,784,000 after purchasing an additional 449,113 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Star Bulk Carriers in the third quarter valued at $1,731,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Star Bulk Carriers during the 3rd quarter valued at $648,000. 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.