Star Bulk Carriers (NASDAQ:SBLK) Shares Gap Down to $23.69

Star Bulk Carriers Corp. (NASDAQ:SBLK) shares gapped down prior to trading on Tuesday . The stock had previously closed at $23.69, but opened at $23.05. Star Bulk Carriers shares last traded at $23.43, with a volume of 372,460 shares.

Analyst Upgrades and Downgrades

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

Star Bulk Carriers Stock Performance

The company has a market cap of $1.97 billion, a P/E ratio of 10.59 and a beta of 0.97. The company’s fifty day moving average is $21.57 and its 200 day moving average is $23.58. The company has a current ratio of 1.51, a quick ratio of 1.34 and a debt-to-equity ratio of 0.48.

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

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Tuesday, August 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $2.80 dividend on an annualized basis and a yield of 11.91%. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 126.13%.

Institutional Trading of Star Bulk Carriers

A number of institutional investors have recently made changes to their positions in SBLK. Point72 DIFC Ltd bought a new stake in Star Bulk Carriers during the 2nd quarter valued at $72,000. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group boosted its holdings in shares of Star Bulk Carriers by 34.1% during the second quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 295,000 shares of the shipping company’s stock worth $7,192,000 after purchasing an additional 75,000 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Star Bulk Carriers in the second quarter worth about $754,000. Gordian Capital Singapore Pte Ltd purchased a new position in Star Bulk Carriers during the 2nd quarter valued at about $1,585,000. Finally, Point72 Asset Management L.P. raised its position in Star Bulk Carriers by 154.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 35,113 shares of the shipping company’s stock valued at $856,000 after purchasing an additional 21,313 shares during the last quarter. Hedge funds and other 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.