Star Bulk Carriers (NASDAQ:SBLK) Reaches New 1-Year Low – Here’s Why

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. StockNews.com cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Thursday. DNB Markets upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and raised their target price for the stock from $19.30 to $20.20 in a research note on Thursday, November 21st. 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. Stifel Nicolaus cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their target price for the stock from $30.00 to $21.00 in a research note on Wednesday, October 23rd. Finally, 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 objective on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $23.80.

Star Bulk Carriers Price Performance

The firm’s 50-day moving average is $19.16 and its two-hundred day moving average is $21.71. The company has a market cap of $1.27 billion, a P/E ratio of 5.13, a PEG ratio of 4.04 and a beta of 0.96. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.69 and a quick ratio of 1.50.

Star Bulk Carriers Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Thursday, December 5th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 15.84%. The ex-dividend date of this dividend is Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio is presently 81.08%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Encompass Capital Advisors LLC boosted its stake in Star Bulk Carriers by 27.5% during the second 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 period. Marshall Wace LLP boosted its stake 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 worth $43,675,000 after buying an additional 903,542 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Star Bulk Carriers by 25.9% during 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 during the period. Millennium Management LLC boosted its stake in shares of 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 valued at $29,774,000 after purchasing an additional 940,745 shares during the period. Finally, Philosophy Capital Management LLC purchased a new stake in shares of Star Bulk Carriers during the third quarter valued at $24,842,000. 33.91% of the stock is 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.