Star Bulk Carriers (NASDAQ:SBLK) Upgraded at StockNews.com

StockNews.com upgraded shares of Star Bulk Carriers (NASDAQ:SBLK) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

SBLK has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft assumed coverage on Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price target on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $28.00 target price on shares of Star Bulk Carriers in a report on Wednesday, November 20th. DNB Markets upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and increased their price target for the stock from $19.30 to $20.20 in a research note on Thursday, November 21st. Finally, Stifel Nicolaus cut 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. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.80.

Star Bulk Carriers Stock Performance

NASDAQ SBLK opened at $14.80 on Friday. The company has a fifty day moving average of $18.32 and a two-hundred day moving average of $21.20. The company has a market capitalization of $1.24 billion, a PE ratio of 5.00, a P/E/G ratio of 3.95 and a beta of 0.96. Star Bulk Carriers has a 1 year low of $14.59 and a 1 year high of $27.47. 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 company 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. This represents a $2.40 annualized dividend and a dividend yield of 16.22%. The ex-dividend date was Thursday, December 5th. Star Bulk Carriers’s payout ratio is 81.08%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Philosophy Capital Management LLC purchased a new position in shares of Star Bulk Carriers during the 3rd quarter worth approximately $24,842,000. Bank of New York Mellon Corp acquired a new position in Star Bulk Carriers during the second quarter worth $23,212,000. Millennium Management LLC raised its position in 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 worth $29,774,000 after acquiring an additional 940,745 shares in the last quarter. Marshall Wace LLP lifted its holdings 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 acquiring an additional 903,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Star Bulk Carriers during the 3rd quarter worth $17,137,000. 33.91% of the stock is owned by hedge funds and other institutional investors.

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.