Star Bulk Carriers (NASDAQ:SBLK) Trading Down 0.3%

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) dropped 0.3% during trading on Friday . The stock traded as low as $23.42 and last traded at $23.62. Approximately 250,280 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 1,600,713 shares. The stock had previously closed at $23.68.

Wall Street Analyst Weigh In

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

Star Bulk Carriers Price Performance

The firm has a market cap of $1.98 billion, a PE ratio of 10.64 and a beta of 0.97. The firm has a fifty day simple moving average of $21.59 and a two-hundred day simple moving average of $23.59. 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 results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share for the quarter, missing the consensus estimate 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 net margin of 24.05% and a return on equity of 13.58%. During the same quarter in the prior year, the business earned $0.47 EPS. Equities analysts predict that Star Bulk Carriers Corp. will post 3.32 EPS for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The company 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 annualized dividend and a yield of 11.86%. The ex-dividend date of this dividend was Tuesday, August 27th. Star Bulk Carriers’s dividend payout ratio is presently 126.13%.

Hedge Funds Weigh In On Star Bulk Carriers

Institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its holdings in shares of Star Bulk Carriers by 14.4% in the 1st quarter. Russell Investments Group Ltd. now owns 199,760 shares of the shipping company’s stock worth $4,768,000 after purchasing an additional 25,106 shares during the period. Unison Advisors LLC purchased a new position in shares of Star Bulk Carriers in the 2nd quarter worth approximately $794,000. Marketfield Asset Management LLC boosted its holdings in shares of Star Bulk Carriers by 42.9% in the 4th quarter. Marketfield Asset Management LLC now owns 172,145 shares of the shipping company’s stock worth $3,660,000 after purchasing an additional 51,639 shares during the period. Artemis Investment Management LLP boosted its holdings in shares of Star Bulk Carriers by 112.7% in the 1st quarter. Artemis Investment Management LLP now owns 792,802 shares of the shipping company’s stock worth $18,915,000 after purchasing an additional 420,100 shares during the period. Finally, Seven Eight Capital LP boosted its holdings in shares of Star Bulk Carriers by 472.3% in the 4th quarter. Seven Eight Capital LP now owns 82,364 shares of the shipping company’s stock worth $1,751,000 after purchasing an additional 67,973 shares during the period. 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.