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

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price shot up 0.3% on Monday . The company traded as high as $23.82 and last traded at $23.60. 246,366 shares were traded during trading, a decline of 85% from the average session volume of 1,599,322 shares. The stock had previously closed at $23.54.

Analyst Ratings Changes

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

Star Bulk Carriers Stock Performance

The company has a 50-day moving average of $21.58 and a 200 day moving average of $23.58. The firm has a market capitalization of $1.99 billion, a PE ratio of 10.63 and a beta of 0.97. The company has a quick ratio of 1.34, a current ratio of 1.51 and a debt-to-equity ratio of 0.48.

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 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 net margin of 24.05% and a return on equity of 13.58%. During the same quarter in the previous year, the business earned $0.47 EPS. Equities research analysts predict that Star Bulk Carriers Corp. will post 3.32 EPS for the current 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 11.82%. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 126.13%.

Hedge Funds Weigh In On Star Bulk Carriers

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in shares of Star Bulk Carriers by 39.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,214 shares of the shipping company’s stock worth $6,064,000 after purchasing an additional 80,406 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Star Bulk Carriers by 17.4% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 70,154 shares of the shipping company’s stock worth $1,491,000 after buying an additional 10,407 shares during the period. Seven Eight Capital LP grew its position 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 buying an additional 67,973 shares during the last quarter. Capital Fund Management S.A. increased its stake in shares of Star Bulk Carriers by 1.7% during the fourth quarter. Capital Fund Management S.A. now owns 257,665 shares of the shipping company’s stock valued at $5,478,000 after buying an additional 4,224 shares during the period. Finally, Marketfield Asset Management LLC raised its holdings in shares of Star Bulk Carriers by 42.9% during the fourth quarter. Marketfield Asset Management LLC now owns 172,145 shares of the shipping company’s stock valued at $3,660,000 after acquiring an additional 51,639 shares in the last quarter. 33.91% of the stock is owned by institutional investors.

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.