Star Bulk Carriers Corp. (NASDAQ:SBLK - Get Free Report)'s share price fell 2.3% on Tuesday . The stock traded as low as $20.01 and last traded at $20.17. 593,355 shares changed hands during trading, a decline of 63% from the average session volume of 1,589,582 shares. The stock had previously closed at $20.64.
Wall Street Analysts Forecast Growth
SBLK has been the subject of several research reports. DNB Markets lowered shares of Star Bulk Carriers from a "hold" rating to a "sell" rating in a research report on Friday. Deutsche Bank Aktiengesellschaft started coverage on 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. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.33.
Read Our Latest Research Report on Star Bulk Carriers
Star Bulk Carriers Stock Performance
The firm has a market cap of $1.67 billion, a PE ratio of 7.33 and a beta of 0.98. The company has a 50 day simple moving average of $21.48 and a 200-day simple moving average of $23.41. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.34.
Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The shipping company reported $0.78 earnings per share for the quarter, missing analysts' consensus estimates of $0.79 by ($0.01). The company had revenue of $352.88 million for the quarter, compared to analysts' expectations of $329.38 million. Star Bulk Carriers had a net margin of 24.05% and a return on equity of 13.58%. During the same period last year, the company posted $0.47 EPS. As a group, equities research analysts anticipate that Star Bulk Carriers Corp. will post 3.47 EPS for the current year.
Star Bulk Carriers Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Tuesday, August 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 14.05%. Star Bulk Carriers's dividend payout ratio is presently 102.94%.
Hedge Funds Weigh In On Star Bulk Carriers
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Encompass Capital Advisors LLC raised its holdings in shares of 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 valued at $50,034,000 after acquiring an additional 442,860 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of 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 acquiring an additional 903,542 shares in the last quarter. Renaissance Technologies LLC raised its holdings 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 acquiring an additional 358,870 shares in the last quarter. Millennium Management LLC raised its holdings 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 acquiring an additional 940,745 shares in the last quarter. Finally, Artemis Investment Management LLP raised its holdings in shares of Star Bulk Carriers by 29.4% during the second quarter. Artemis Investment Management LLP now owns 1,025,802 shares of the shipping company's stock valued at $25,009,000 after acquiring an additional 233,000 shares in the last quarter. Institutional investors own 33.91% of the company's stock.
Star Bulk Carriers Company Profile
(
Get Free Report)
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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