Star Bulk Carriers (NASDAQ:SBLK) Trading 1.6% Higher

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price traded up 1.6% during mid-day trading on Thursday . The company traded as high as $23.36 and last traded at $23.17. 425,770 shares were traded during trading, a decline of 73% from the average session volume of 1,597,307 shares. The stock had previously closed at $22.80.

Analyst Ratings Changes

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

Star Bulk Carriers Stock Up 3.6 %

The business’s 50-day moving average is $21.59 and its two-hundred day moving average is $23.59. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 10.50 and a beta of 0.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.34 and a current ratio of 1.51.

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

Star Bulk Carriers Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Tuesday, August 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 11.86%. The ex-dividend date of this dividend was Tuesday, August 27th. Star Bulk Carriers’s dividend payout ratio is currently 126.13%.

Institutional Trading of Star Bulk Carriers

A number of large investors have recently bought and sold shares of SBLK. Encompass Capital Advisors LLC lifted its stake in 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 valued at $50,034,000 after buying an additional 442,860 shares in the last quarter. Marshall Wace LLP lifted its position in 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 acquiring an additional 903,542 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Star Bulk Carriers by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,746,070 shares of the shipping company’s stock worth $42,569,000 after purchasing an additional 358,870 shares in the last quarter. Millennium Management LLC increased its holdings 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 worth $29,774,000 after purchasing an additional 940,745 shares in the last quarter. Finally, Artemis Investment Management LLP raised its stake 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 period. 33.91% of the stock is owned by institutional investors.

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.