Stifel Nicolaus cut shares of Star Bulk Carriers (NASDAQ:SBLK - Free Report) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The firm currently has $21.00 target price on the shipping company's stock, down from their prior target price of $30.00.
A number of other analysts have also weighed in on SBLK. DNB Markets lowered Star Bulk Carriers from a "hold" rating to a "sell" rating in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft began coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a "buy" rating and a $26.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Star Bulk Carriers currently has a consensus rating of "Hold" and an average target price of $25.67.
Check Out Our Latest Stock Report on SBLK
Star Bulk Carriers Price Performance
Shares of NASDAQ SBLK traded down $0.71 during midday trading on Wednesday, reaching $19.20. 2,451,523 shares of the stock traded hands, compared to its average volume of 1,600,719. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.34. The stock has a market capitalization of $1.61 billion, a PE ratio of 7.06 and a beta of 0.98. Star Bulk Carriers has a one year low of $17.91 and a one year high of $27.47. The company's 50 day moving average is $21.33 and its 200 day moving average is $23.26.
Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). Star Bulk Carriers had a net margin of 24.05% and a return on equity of 13.58%. The company had revenue of $352.88 million for the quarter, compared to analysts' expectations of $329.38 million. During the same quarter in the previous year, the company posted $0.47 EPS. On average, equities research analysts anticipate that Star Bulk Carriers will post 3.47 earnings per share for the current year.
Star Bulk Carriers Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Tuesday, August 27th were paid a dividend of $0.70 per share. The ex-dividend date was Tuesday, August 27th. This represents a $2.80 annualized dividend and a dividend yield of 14.58%. Star Bulk Carriers's dividend payout ratio is currently 102.94%.
Hedge Funds Weigh In On Star Bulk Carriers
Institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its position in Star Bulk Carriers by 14.4% during the first quarter. Russell Investments Group Ltd. now owns 199,760 shares of the shipping company's stock valued at $4,768,000 after purchasing an additional 25,106 shares in the last quarter. Unison Advisors LLC acquired a new stake in Star Bulk Carriers in the second quarter worth about $794,000. Artemis Investment Management LLP boosted its holdings in Star Bulk Carriers by 112.7% in the first quarter. Artemis Investment Management LLP now owns 792,802 shares of the shipping company's stock worth $18,915,000 after acquiring an additional 420,100 shares in the last quarter. Benson Investment Management Company Inc. acquired a new stake in Star Bulk Carriers in the third quarter worth about $5,259,000. Finally, Fifth Lane Capital LP acquired a new stake in Star Bulk Carriers in the first quarter worth about $1,856,000. Hedge funds and other institutional investors own 33.91% of the company's stock.
About Star Bulk Carriers
(
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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.
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