Star Bulk Carriers (NASDAQ:SBLK) Trading Up 0.9%

Star Bulk Carriers Corp. (NASDAQ:SBLK) shares were up 0.9% during mid-day trading on Monday . The company traded as high as $21.90 and last traded at $21.79. Approximately 337,266 shares changed hands during trading, a decline of 79% from the average daily volume of 1,593,089 shares. The stock had previously closed at $21.59.

Wall Street Analysts Forecast Growth

Separately, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Star Bulk Carriers in a report on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price on the stock.

Star Bulk Carriers Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.34 and a current ratio of 1.51. The stock has a market capitalization of $1.82 billion, a P/E ratio of 9.82 and a beta of 0.97. The stock has a 50-day moving average price of $21.69 and a two-hundred day moving average price of $23.63.

Star Bulk Carriers (NASDAQ:SBLK) last posted 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). The firm had revenue of $352.88 million for the quarter, compared to analysts’ expectations of $329.38 million. Star Bulk Carriers had a return on equity of 13.58% and a net margin of 24.05%. During the same quarter last year, the company posted $0.47 EPS. On average, research analysts forecast that Star Bulk Carriers Corp. will post 3.32 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Tuesday, August 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 12.89%. The ex-dividend date of this dividend was Tuesday, August 27th. Star Bulk Carriers’s dividend payout ratio (DPR) is 126.13%.

Institutional Trading of Star Bulk Carriers

Several large investors have recently modified their holdings of SBLK. Encompass Capital Advisors LLC raised its holdings in shares of Star Bulk Carriers by 27.5% in the second quarter. Encompass Capital Advisors LLC now owns 2,052,262 shares of the shipping company’s stock worth $50,034,000 after buying an additional 442,860 shares during the period. Marshall Wace LLP boosted its holdings in shares of Star Bulk Carriers by 101.8% in the 2nd quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after buying an additional 903,542 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Star Bulk Carriers by 25.9% in the second quarter. Renaissance Technologies LLC now owns 1,746,070 shares of the shipping company’s stock valued at $42,569,000 after acquiring an additional 358,870 shares in the last quarter. Millennium Management LLC increased its position in Star Bulk Carriers by 335.4% during the 2nd quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock valued at $29,774,000 after buying an additional 940,745 shares in the last quarter. Finally, Artemis Investment Management LLP increased its holdings in shares of Star Bulk Carriers by 29.4% during the second quarter. Artemis Investment Management LLP now owns 1,025,802 shares of the shipping company’s stock valued at $25,009,000 after acquiring an additional 233,000 shares in the last quarter. Institutional investors 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.