Star Bulk Carriers (NASDAQ:SBLK) Reaches New 12-Month Low – Here’s Why

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price reached a new 52-week low on Wednesday . The stock traded as low as $14.31 and last traded at $14.49, with a volume of 353088 shares changing hands. The stock had previously closed at $14.68.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. DNB Markets upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their target price for the stock from $19.30 to $20.20 in a research report on Thursday, November 21st. Jefferies Financial Group reiterated a “buy” rating and set a $28.00 price objective on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and reduced their target price for the company from $30.00 to $21.00 in a report on Wednesday, October 23rd. Finally, StockNews.com raised shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a research report on Friday, December 20th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.80.

Star Bulk Carriers Stock Performance

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 cap of $1.22 billion, a price-to-earnings ratio of 4.92, a price-to-earnings-growth ratio of 4.40 and a beta of 0.98. The stock’s fifty day simple moving average is $16.25 and its two-hundred day simple moving average is $19.64.

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $2.40 annualized dividend and a yield of 16.48%. Star Bulk Carriers’s dividend payout ratio is currently 81.08%.

Institutional Trading of Star Bulk Carriers

Large investors have recently modified their holdings of the business. Blue Trust Inc. raised its stake in Star Bulk Carriers by 51.3% during the fourth quarter. Blue Trust Inc. now owns 3,063 shares of the shipping company’s stock valued at $46,000 after buying an additional 1,038 shares in the last quarter. Quarry LP boosted its stake in Star Bulk Carriers by 39.8% during the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 673 shares in the last quarter. Sunbelt Securities Inc. bought a new position in Star Bulk Carriers during the third quarter valued at about $57,000. Point72 DIFC Ltd acquired a new position in Star Bulk Carriers in the second quarter worth approximately $72,000. Finally, AM Squared Ltd acquired a new stake in shares of Star Bulk Carriers during the third quarter worth $76,000. 33.91% of the stock is currently owned by institutional investors and hedge funds.

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.