Star Bulk Carriers (NASDAQ:SBLK) Trading Down 0.2%

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) dropped 0.2% during mid-day trading on Thursday . The stock traded as low as $22.46 and last traded at $22.86. Approximately 428,651 shares changed hands during trading, a decline of 73% from the average daily volume of 1,603,701 shares. The stock had previously closed at $22.90.

Analysts Set New Price Targets

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

Star Bulk Carriers Trading Up 0.1 %

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.34. The business’s 50-day simple moving average is $21.56 and its 200-day simple moving average is $23.57. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 10.30 and a beta of 0.97.

Star Bulk Carriers (NASDAQ:SBLK) last issued its quarterly earnings data on Wednesday, August 7th. The shipping company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.01). The company had revenue of $352.88 million during 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 company earned $0.47 earnings per share. Research 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 company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Tuesday, August 27th were paid a dividend of $0.70 per share. The ex-dividend date was Tuesday, August 27th. This represents a $2.80 annualized dividend and a dividend yield of 12.22%. Star Bulk Carriers’s dividend payout ratio is currently 126.13%.

Hedge Funds Weigh In On Star Bulk Carriers

Several institutional investors and hedge funds have recently modified their holdings of SBLK. Bank of New York Mellon Corp acquired a new position in Star Bulk Carriers in the 2nd quarter valued at $23,212,000. Millennium Management LLC grew its position in shares of Star Bulk Carriers by 335.4% in the second quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock valued at $29,774,000 after purchasing an additional 940,745 shares during the period. Marshall Wace LLP increased its stake in Star Bulk Carriers by 101.8% in the second quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock valued at $43,675,000 after purchasing an additional 903,542 shares during the last quarter. American Century Companies Inc. purchased a new position in Star Bulk Carriers during the second quarter worth about $11,719,000. Finally, Encompass Capital Advisors LLC boosted its stake in Star Bulk Carriers by 27.5% in the 2nd 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 last quarter. Hedge funds and other institutional investors own 33.91% of the company’s stock.

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.