Star Bulk Carriers (NASDAQ:SBLK) Stock Price Down 1.5%

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s stock price fell 1.5% during mid-day trading on Friday . The company traded as low as $21.25 and last traded at $21.51. 266,914 shares were traded during trading, a decline of 83% from the average session volume of 1,593,457 shares. The stock had previously closed at $21.84.

Analyst Ratings Changes

SBLK has been the topic of a number of recent research reports. Jefferies Financial Group reiterated a “buy” rating and set a $30.00 target price on shares of Star Bulk Carriers in a research note on Thursday, May 23rd. Stifel Nicolaus lifted their price objective on shares of Star Bulk Carriers from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, May 24th. Deutsche Bank Aktiengesellschaft started 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 on the stock. Finally, StockNews.com upgraded Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Friday, May 24th.

Star Bulk Carriers Stock Performance

The company has a current ratio of 1.51, a quick ratio of 1.34 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $21.74 and a 200-day moving average of $23.66. The firm has a market capitalization of $1.83 billion, a P/E ratio of 9.69 and a beta of 0.97.

Star Bulk Carriers (NASDAQ:SBLK) last announced its earnings results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). Star Bulk Carriers had a return on equity of 13.58% and a net margin of 24.05%. The firm had revenue of $352.88 million for the quarter, compared to the consensus estimate of $329.38 million. During the same period in the prior year, the business earned $0.47 EPS. On average, equities analysts anticipate that Star Bulk Carriers Corp. will post 3.32 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Tuesday, August 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 12.87%. The ex-dividend date was Tuesday, August 27th. Star Bulk Carriers’s payout ratio is 126.13%.

Hedge Funds Weigh In On Star Bulk Carriers

Institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. grew its holdings in Star Bulk Carriers by 1.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 71,144 shares of the shipping company’s stock valued at $1,698,000 after purchasing an additional 990 shares during the period. FinTrust Capital Advisors LLC increased its position in shares of Star Bulk Carriers by 100.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 2,000 shares of the shipping company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the last quarter. Gilman Hill Asset Management LLC boosted its stake in shares of Star Bulk Carriers by 0.3% in the 1st quarter. Gilman Hill Asset Management LLC now owns 404,110 shares of the shipping company’s stock valued at $9,646,000 after purchasing an additional 1,046 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. grew its stake in shares of Star Bulk Carriers by 8.5% during the second quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 16,640 shares of the shipping company’s stock valued at $406,000 after buying an additional 1,310 shares during the last quarter. Finally, Nisa Investment Advisors LLC bought a new position in Star Bulk Carriers during the 2nd quarter worth approximately $32,000. 33.91% of the stock is 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.