Star Bulk Carriers (NASDAQ:SBLK) Hits New 1-Year Low – Time to Sell?

Star Bulk Carriers Corp. (NASDAQ:SBLK) shares reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $14.59 and last traded at $14.75, with a volume of 273299 shares changing hands. The stock had previously closed at $15.00.

Analysts Set New Price Targets

Several analysts have recently weighed in on SBLK shares. Jefferies Financial Group restated a “buy” rating and set a $28.00 target price on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price target for the company. DNB Markets upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their price target for the stock from $19.30 to $20.20 in a research note on Thursday, November 21st. StockNews.com cut Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Finally, Stifel Nicolaus downgraded Star Bulk Carriers from a “buy” rating to a “hold” rating and lowered their price target for the company from $30.00 to $21.00 in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Star Bulk Carriers has a consensus rating of “Hold” and a consensus target price of $23.80.

Star Bulk Carriers Trading Up 0.2 %

The company has a quick ratio of 1.50, a current ratio of 1.69 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 5.06, a price-to-earnings-growth ratio of 3.95 and a beta of 0.96. The firm’s 50 day moving average is $18.59 and its 200 day moving average is $21.33.

Star Bulk Carriers Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th were issued a $0.60 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 16.03%. Star Bulk Carriers’s payout ratio is currently 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Philosophy Capital Management LLC bought a new position in Star Bulk Carriers during the third quarter valued at about $24,842,000. Bank of New York Mellon Corp acquired a new stake in Star Bulk Carriers in the 2nd quarter worth approximately $23,212,000. Millennium Management LLC boosted its position in Star Bulk Carriers by 335.4% during the second quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock worth $29,774,000 after purchasing an additional 940,745 shares during the period. Marshall Wace LLP grew its holdings in Star Bulk Carriers by 101.8% during 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Star Bulk Carriers in the third quarter valued at approximately $17,137,000. 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.