Star Bulk Carriers (NASDAQ:SBLK) Sets New 1-Year Low – What’s Next?

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $15.61 and last traded at $15.70, with a volume of 592539 shares trading hands. The stock had previously closed at $16.08.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SBLK. Jefferies Financial Group reaffirmed a “buy” rating and issued a $28.00 price target on shares of Star Bulk Carriers in a report on Wednesday, November 20th. Stifel Nicolaus cut Star Bulk Carriers from a “buy” rating to a “hold” rating and reduced their price target for the stock from $30.00 to $21.00 in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft began coverage on Star Bulk Carriers in a report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target for the company. StockNews.com raised Star Bulk Carriers from a “hold” rating to a “buy” rating in a report on Wednesday, December 4th. Finally, DNB Markets raised Star Bulk Carriers from a “sell” rating to a “hold” rating and upped their price target for the stock from $19.30 to $20.20 in a report on Thursday, November 21st. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $23.80.

Star Bulk Carriers Trading Down 3.5 %

The company has a 50 day simple moving average of $19.61 and a 200 day simple moving average of $21.87. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.69. The company has a market capitalization of $1.30 billion, a PE ratio of 5.43, a price-to-earnings-growth ratio of 4.17 and a beta of 0.96.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $2.40 annualized dividend and a yield of 15.46%. Star Bulk Carriers’s dividend payout ratio (DPR) is currently 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

Several large investors have recently bought and sold shares of the company. Encompass Capital Advisors LLC grew its position in shares of 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 purchasing an additional 442,860 shares in the last quarter. Marshall Wace LLP grew its position in shares of 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 in the last quarter. Renaissance Technologies LLC grew its position in shares of Star Bulk Carriers by 25.9% in the second quarter. Renaissance Technologies LLC now owns 1,746,070 shares of the shipping company’s stock valued at $42,569,000 after purchasing an additional 358,870 shares in the last quarter. 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 in the last quarter. Finally, Philosophy Capital Management LLC purchased a new stake in shares of Star Bulk Carriers in the third quarter valued at approximately $24,842,000. 33.91% of the stock is currently owned by hedge funds and other 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.