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

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $15.61 and last traded at $15.70, with a volume of 592539 shares changing hands. The stock had previously closed at $16.08.

Wall Street Analysts Forecast Growth

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

Star Bulk Carriers Stock Down 3.5 %

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 business has a 50 day simple moving average of $19.61 and a 200 day simple moving average of $21.87. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 5.43, a PEG ratio of 4.17 and a beta of 0.96.

Star Bulk Carriers Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 15.46%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers’s payout ratio is currently 81.08%.

Institutional Trading of Star Bulk Carriers

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC acquired a new stake in shares of Star Bulk Carriers in the second quarter valued at $32,000. Blue Trust Inc. increased its holdings in Star Bulk Carriers by 190.5% in the third quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock valued at $49,000 after buying an additional 1,328 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Star Bulk Carriers in the second quarter valued at $54,000. Quarry LP increased its holdings in Star Bulk Carriers by 39.8% in the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock valued at $56,000 after buying an additional 673 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Star Bulk Carriers in the third quarter valued at $57,000. 33.91% of the stock is currently owned by institutional investors and hedge funds.

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.